GM Bankruptcy Edging Closer To Reality: CEO

Law360 (May 11, 2009, 12:00 AM EDT) -- The CEO of General Motors Corp. warned Monday that bankruptcy looked more and more likely for the floundering automaker, which is running out of time to complete required restructuring tasks out of court before the U.S. government's June 1 deadline.

GM will face some daunting tasks in the days ahead, and bankruptcy may turn out to be the answer ultimately, CEO Fritz Henderson said in a conference call with reporters Monday.

“Certainly, given the objectives that we set for ourselves, it is more probable that we...
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