By nearly all accounts, things are starting to look up at General Motors. The company has shed dead weight, cut down its debt and slimmed its dealer network in order to be a more healthy business, but those moves have officially knocked The General from the top 10 of Fortune Magazine's fabled 500 list. It's the first time in 101 years GM hasn't been one of the top 10 businesses on the list.

Fortune says that because of last year's bailout and massive plant closings and layoffs, the carmaker now holds the 15th slot among the heavy-hitters of the business world. Meanwhile, rival Ford has managed to hold onto its place among the top 10 corporations. The Blue Oval fell from seventh last year to eighth this year.

[Source: MLive I Image: Bill Pugliano/Getty]