GM CEO Says Bankruptcy is Probably Best Option

(CEP News) - GM CEO Fritz Henderson said bankruptcy is probably the best option in order for the company to restructure, speaking in a conference call on Friday.

He accused Chrysler of slowing down talks with the United Auto Workers by failing to reach an agreement with the union.

He said the current restructuring plan depends on the union accepting a deal, and on bond holders accepting equity in exchange for debt. The plan is being worked on in partnership with the U.S. Treasury, he said, and the company will provide regular updates on its activities.

Henderson said the company is planning to keep the ACDelco brand, but wants to sell Hummer.

By Megan Ainscow, mainscow@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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