GM CEO Fritz Henderson told reporters after a meeting with congressional officials that the automaker is set to resume negotiations with the UAW this week. He said that he believes everything should be open for discussion when it comes to GM’s viability.

Henderson said that the deal the union had made with Chrysler on restructuring payments due to a retiree healthcare fund was close to what GM is looking for to restructure itself.

GM has so far received up to $15.4 billion in federal loans and is facing a government-imposed June 1 deadline to reach a concession with the UAW, cut debut and restructure its operations.

Henderson said that if GM were to file for Chapter 11 bankruptcy, it would also emerge in as little as 60 days like Chrysler

- By: Omar Rana

Source: Reuters