GM exits bankruptcy

General Motors has exited from federal bankruptcy protection, according to multiple reports Friday morning.

After having filed for bankruptcy on June 1, the newly-reorganized automaker will reemerge backed by a substantial ownership stake by the federal government.

The Obama administration and its auto task force had helped coordinate a prepackaged bankruptcy for the storied automaker after providing months of assistance to GM, as well as Chrysler.

President Obama himself has staked some of his legacy on the success or failure of GM over the long haul; during the process of easing GM into bankruptcy, his administration requested the resignation of the company’s CEOs.

The hefty government investment in GM — expected to cost taxpayers tens of billions of dollars when all’s said and done — has not been without criticism. Conservative Republicans have bemoaned the excessive involvement in the affairs of the market, while more broadly, lawmakers have complained about the adverse effects suffered by dealers and manufacturers that were shut down over the course of GM’s restructuring.

The new GM’s top executives will brief the media this morning.