CEO Says Ch. 11 More Likely Than Not For GM

Law360, New York (April 17, 2009, 12:00 AM EDT) -- General Motors Corp. seeking Chapter 11 protection is more probable than the company achieving its goals without taking refuge in bankruptcy court, though the latter option is preferred by the company and remains a possibility, GM's Chief Executive Fritz Henderson said Friday.

“I felt several weeks ago that it would be more probable that we would need to go through a bankruptcy process. I certainly feel that continues today, but I wouldn't be able to hazard a guess as to what the probabilities would be,” Henderson...
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