AP source: GM emerges from bankruptcy

DETROIT -- A person briefed on the matter says General Motors Corp. has emerged from bankruptcy protection after signing papers to transfer the bulk of its assets to a new, leaner company majority-owned by the U.S. government.

The person, who asked to remain anonymous because the action hasn't been officially announced, said Friday the action came at 6:30 a.m. EDT today.

One bankruptcy expert called GM's 40-day case the fastest ever for a company of its size.

The new GM is a smaller company that is less burdened by the staggering debt that nearly sent it to liquidation.