AT A GLANCE: GM Exits Bankruptcy Protection, Revamps Management

THE EVENT:

General Motors exited bankruptcy protection early Friday - faster than expected and pledging to "get back to the business of building great cars and trucks" and better serving customers.

THE DETAILS:

The auto maker completed the split of good and bad assets that saw General Motors Co. has emerged as the operating entity. The slimmed-down company is mostly owned by the U.S. government, but with a much-reduced debt burden and fewer brands. Only the Chevrolet, GMC, Buick and Cadillac brands remain.

LOOKING FORWARD:

General Motors Co. CEO Fritz Henderson unveiled a sweeping management revamp and pledged to repay loans from the U.S. government "much sooner" than 2015. He said GM would launch 10 new products in the U.S. over the next 18 months, as well another 17 overseas.

In addition, 77-year-old Robert Lutz, a longtime GM product development executive, will put off retirement plans to become head of the company's communications and marketing.

GM is also testing a new online auction buying system with eBay Inc. (EBAY).

THE FINANCIAL OUTLOOK:

CFO Ray Young said the auto maker is evaluating whether it will need all of the $50 billion that the U.S. government has committed to give the company to keep it operating. Young also said GM may make a sizable contribution to its pension funds as early as late 2009 to shore up the funds and take advantage of what could be the bottom of the market for pension investments.

WHAT'S NEXT:

One of the new company's first hurdles will be dealing with a battered supplier base littered with companies that are either in or close to filing for Chapter 11. The restructured company could launch an initial public offering of stock as soon as the second quarter of 2010, but will wait longer if necessary to ensure market conditions are right, Young said.

THE MARKETS...

Market reaction was muted, given that GM's emergence from Chapter 11 was expected. N.Y. stocks were lower Friday on earnings concerns and sagging consumer confidence.

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