New General Motors (GM) CEO Will Not Rule Out Bankruptcy

Less than a week into assuming the chief executive role of General Motors (NYSE: GM), Fritz Henderson said yesterday on "Meet the Press" he has confidence in the future of the company but a structured bankruptcy remains a possibility. He said GM was strenuously working to avoid bankruptcy, but that if it failed to meet its goals for cutting costs and shrinking the company, it "may very well be the best alternative."

GM has only 55 days to meet President Obama’s timetable to come up with a new plan to save GM.

Treasury Secretary Timothy F. Geithner did stress yesterday Sunday that G.M. "is going to be a part of this country’s future," but said that a managed bankruptcy was among the options for the company.

Henderson did say, "I think the administration and the task force has been very clear, they don’t wish to run General Motors. They expect us to get our job done. But the day we took money from the taxpayer was one of the, one of the most difficult days of certainly my career and of the history of General Motors. ... And one of the, one of the happiest days of my future career is going to be the day we pay the loans back."

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