General Motors Emerges From Bankruptcy A representative of Kirk Kerkorian, an entrepreneur who had just bought a 10% stake, said GM had to wake up or it would run out of cash in three years. Mr Kerkorian has since sold out, but he seems to have galvanised GM. At this year's show the subject of choice was the firm's nascent turnaround. A year ago GM was making record losses, closing plants and slashing its workforce. It was struggling to sell cars at rock-bottom prices and faced having to pay out billions of dollars to prop up Delphi, its former parts unit.