Canada welcomes GM's exit from bankruptcy

Canada said Friday it was pleased with the outcome of the restructuring plan for US auto giant General Motors, allowing it to emerge from bankruptcy as a new company.

GM has transferred its main assets to a new US government-supported car company under a plan financed by the US administration of President Barack Obama as well as the Canadian government.

The US government owns about 61 percent of the new auto company, called General Motors Company. The Canadian government and a United Auto Workers union health care trust and bondholders own the rest.

Canada "has been working with its partners to ensure that General Motors of Canada Limited (GMCL) continues to play an important role in the new GM's North American operations," read a statement from Industry Minister Tony Clement.

Canada has provided some 9.5 billion US dollars to help restructure the new auto company, in exchange for a 12 percent ownership.

Clement said that Canadian officials are "confident that the company will now be in a position to operate a sustainable and viable business that will keep production, innovation and jobs in Canada.

"This is good news for Canadian auto workers, the Canadian auto parts supply chain and for Canadian consumers," he said.

The Canadian government "will continue to work toward strengthening our country's auto industry, while exercising rigorous oversight of taxpayer money," Clement said.

GMCL employs some 9,000 people in Canada.