During his first press conference as CEO of General Motors, Firtz Henderson said that he plans to meet Obama’s mandate to restructure the struggling automaker even if it means going into bankruptcy.
“We could not contemplate bankruptcy if we didn’t have the government there to provide the finances and the protection,” Henderson said.
According to Automotive News, Fritz said that with the support of the U.S. Treasury Department, GM has a better chance to survive a bankruptcy filing. However, Henderson said that he will do all he can to secure concessions from GM bondholders and the UAW in the 60-days provided to GM to restructure itself.
“We will get the job done,” Henderson said. “We will do it out of court, or we will do it in court.”
He said that a team of advisers is currently studying bankruptcy options and if GM does file, he wants the company to exit as quickly as possible.
– By: Omar Rana