MashGet

General Motors emerged from bankruptcy yesterday, with chief executive Fritz Henderson promising that the fallen corporate giant will be revived and that "business as usual is over."

The announcement signaled the substantial completion of one of the largest bankruptcies in U.S. history and the next step in what has become a landmark government bailout.

The new GM will have fewer brands, fewer plants and fewer workers. The number of U.S. executives will be cut by 35 percent. But as important as this shrinking, Henderson said, is the need to transform the automaker's culture, long criticized as insular and sluggish. Once the world's largest automaker, GM has been losing market share for decades.