GM CEO Says ‘Bankruptcy More Probable than Ever’

The new chief executive of General Motors (GM), Frederick A. Henderson, said Tuesday that bankruptcy was “more probable” than ever for the automaker but that he still hoped to successfully restructure the company out of court.

“We will get the job done,” Mr. Henderson, who is known as Fritz, said in his first news conference since succeeding Rick Wagoner, who resigned at the request of the Obama administration over the weekend.

“We will either do it out of court or we will do it in court,” Mr. Henderson said, “but we will get the job done in terms of recreating and reinventing General Motors as a competitive enterprise, one that wins in the marketplace.” [via NYT]

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