Bankruptcy is not Inevitable for GM

General Motors’ (GM) new chief executive Fritz Henderson said on Sunday that bankruptcy is not inevitable.

Asked on NBC’s “Meet the Press” if bankruptcy was inevitable, Henderson replied, “No.” He said he intended to meet the administration’s demand to move more rapidly and to cut more deeply. The White House set a 60-day deadline for results.

“We are planning to get the job done. Our preference would be to do it outside of the bankruptcy process,” Henderson said. “If it cannot be done outside a bankruptcy process, it will be done within it.” [via Reuters]

Fritz Henderson took over after former GM chief executive officer Rick Wagoner was forced out by Obama’s administration recently. The new CEO is under White House orders to win more concessions from bondholders and unionized workers.

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