UPDATE: NEW YORK (CNNMoney.com) -- After a six-week trip through bankruptcy, the "new" General Motors was born Friday owned by the government and free of tens of billions in debt and shed of unaffordable brands, dealerships and plants.
The sale of the valuable assets of the old company to the new GM was completed Friday morning.
"This is an exciting day for General Motors, one that will allow every employee, including me, to get back to the business of designing, building and selling great cars and trucks and serving the needs of our customers," GM Chief Executive Fritz Henderson said.
"We deeply appreciate the support we've received. We'll work hard to repay the trust, and the money, that so many have invested in GM," Henderson added.
But he said he couldn't promise that GM would repay the $50 billion the government has already given or promised to GM.
"Our performance over time will determine if the taxpayers are made whole," he said.