A new General Motors has emerged from bankruptcy in a swift 40-day restructuring by cutting its debt three-fold. The restructuring follows a similar process at Chrysler, its smaller rival.

The Detroit-based car maker has just announced it is not going to sell Opel, its lossmaking European subsidiary, to Canada’s Magna International and Russia’s Sberbank, restarting the uncertainty over factories in the UK, Germany and other parts of the continent.