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GM’s CEO softens opposition to bankruptcy

Posted Monday, Apr 6, 2009, 1:49 pm in Industry

General Motors Corp. is softening its opposition to bankruptcy reorganization a little more, the Detroit Free Press reported.

“If it’s required, that’s what we’ll do,” new Chief Executive Fritz Henderson said in an interview broadcast Sunday, but noted that GM still would prefer to avoid bankruptcy protection while restructuring, the paper reported. President Barack Obama and his auto industry task force have indicated that bankruptcy protection “may very well be the best solution for the company to achieve these goals,” Henderson told CNN’s “State of the Union,” the story said.

The Free Press said Henderson noted the government’s guarantee of GM warranties and its indication that it would lend money to the automaker while it reorganized under bankruptcy protection are both “strong signals which say even if we have to go through bankruptcy, the company’s going to be there.” (Detroit Free Press)
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