New GM CEO Says Bankruptcy Still An Option

By: Associated Press Email
By: Associated Press Email

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Monday, March 30, 2009

General Motors Corp.'s new chief executive says there's a greater risk that the company will have to reorganize through bankruptcy, because of greater demands from the Obama administration to get debt off its balance sheet.

Fritz Henderson told reporters Monday that the company would still prefer to restructure outside of court, but the level of support Washington is offering would help the company quickly restructure through bankruptcy.

It's Henderson's first day on the job after Rick Wagoner stepped down at the government's request.

Henderson says GM needs to work faster and go deeper to get more concessions from bondholders and the United Auto Workers union in the next 60 days to qualify for more government aid.

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