Motors Liquidation Company (fka MTLQQ)

[MrBankRoll]

New GM CEO says restructuring could include bankruptcy

Mon Mar 30, 2009 3:41pm EDT

WASHINGTON (Reuters) - General Motors Corp will take "whatever steps" necessary to restructure, including possible bankruptcy, its new chief executive said on Monday.

Fritz Henderson, who replaced Rick Wagoner, said in a statement that the company faces "significant challenges" but is "fully committed to successfully completing the reinvention of GM."

Henderson said the company would spend the next 60 days addressing "tough issues," including elusive concession agreements with bondholders and the United Auto Workers union.

"Our strong preference is to complete this restructuring out of court. However, GM will take whatever steps are necessary to successfully restructure the company, which could include a court-supervised process," Henderson said.

http://www.reuters.com/article/topNews/idUSTRE52T50T20090330