GM CEO Says Bankruptcy Becoming More "Probable"

By: Associated Press
By: Associated Press

General Motors' top executive says bankruptcy is becoming more probable but there is still hope that the company can restructure and avoid court protection.

CEO Fritz Henderson says the automaker is looking at its operations country-by-country to determine where it might have file for bankruptcy. He says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations.

Henderson told reporters on a conference call Monday that the company would still prefer to avoid bankruptcy but he realizes the tasks it must accomplish are large.

General Motors Corp. is living on $15.4 billion in federal loans and faces a June 1 government deadline to restructure or seek Chapter 11 bankruptcy protection.

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  • by Kelly Location: Jackson on May 18, 2009 at 08:39 AM
    GM could have (and should have) declared bankruptcy BEFORE they took billions of tax dollars. I hope the UAW is happy since 78% of that money went to prop up their bloated benefits and retirement plans. I will NEVER purchase another union-made vehicle!
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