Litigants injured by a defective GM product before June 1 would have to seek compensation from the "old GM," the collection of assets leftover from the sale, where they would be less likely to receive compensation. The new GM has agreed to take on responsibility for future product liability claims involving vehicles made by the old company. But consumer advocates want legislative and regulatory changes that would require GM and Chrysler to take more responsibility for product liability cases. Advocacy groups urged the Federal Trade Commission to warn buyers of used Chryslers that they would not be able to sue in cases involving cars made before the company filed for Chapter 11 bankruptcy in late May.

Rep. Andre Carson, D-Ind., filed legislation that would require the newly restructured GM and Chrysler to buy liability insurance that would protect against past or future claims despite the bankruptcy cases.

GM will leave bankruptcy court with significantly reduced debt and labor costs, as well as fewer dealerships and brands. But the automaker still faces a challenging U.S. auto market, where auto companies are on pace to sell around 9.7 million vehicles this year compared with sales of more than 16 million vehicles in 2007.

The government will own about 61 percent of the "new GM." The Obama administration has said it does not plan to interfere with the day-to-day running of the company, though the government has been involved in the selection of the new company's 13-member board of directors and change of control transactions.

The United Auto Workers union gets a 17.5 percent stake through its health-care trust for retirees and has selected Stephen Girsky, a former GM adviser and Morgan Stanley analyst, to serve on the board. The Canadian government, which will control an 11.7 percent share, also will pick one member.

Rattner, in a conference call with reporters, said he expected new GM board members to be seated "over the next few weeks." Henderson, who succeeded former CEO Rick Wagoner in March when the Obama administration forced Wagoner to resign, has said he expects to remain at the helm of the automaker as it comes out of bankruptcy.

The old GM will remain an entity until all its facilities are sold off, a process that could take months or years to complete. The government has said it plans to provide about $1.18 billion to fund the wind-down process.

The "old GM," which will be known as Motors Liquidation Co., will include a smattering of properties, several of which are facilities already slated to be closed. They will be sold to the highest bidder under court supervision.

Other assets to be filed under the old GM include brands such as Hummer, Saturn and Saab, for which GM has lined up buyers. They also include all current GM common stock, which — despite its active trading on over-the-counter markets — will soon be worthless.