MELTDOWN

GM to Bolt Detroit?

Execs sell off shares as company nears bankruptcy.

Yet more grim news from General Motors: CEO Fritz Henderson sounds open to the idea of moving the company’s headquarters out of downtown Detroit to save money. “We’re looking at everything,” he said Monday, though he added there are no plans yet to move from the beleaguered city, which already has an unemployment rate of 21 percent. Execs aren’t only thinking about abandoning the Motor City: Bloomberg reports that six executives sold all their shares in the company as the June 1 deadline for filing bankruptcy or restructuring looms. Fritz said it’s more likely than previously thought that GM will have to file for bankruptcy. Vice Chairman Bob Lutz sold all 81,360 of his shares at $1.61 each, while North America President Troy Clarke unloaded all 21,380 of his at $1.45 a piece.