GM CEO: Bankruptcy Likely

Autos

Updated Apr. 25, 2017 3:18PM EDT / Published Apr. 17, 2009 12:24PM EDT

What’s this? Honesty and clear-sightedness from the head of GM? New CEO Fritz Henderson said today that “the automaker was readying detailed plans for a bankruptcy filing that now appears more likely even as it races to complete a business plan under federal oversight,” according to Reuters. Henderson said it was still “feasible” that the automaker would avoid bankruptcy. "Given what we need to accomplish, I certainly felt a couple weeks ago that it was more probable that we would need to go through a bankruptcy process," Henderson told reporters on a conference call. "That continues today." GM has until June 1 to institute deep cuts in its debt, labor costs, dealership network, and brands.

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GM CEO: Bankruptcy Likely