In Michigan
3:49 am
Fri April 17, 2009

GM CEO says bankruptcy probable but not preferred

Detroit, MI – Detroit, MI (AP)

General Motors Corp. Chief Executive Fritz Henderson says bankruptcy isn't the company's preferred option, but it's still probable, given the restructuring goals GM must meet to get more government loans.

In a conference call with reporters Friday, Henderson said GM is
working on two parallel plans: one that involves bankruptcy and one
that doesn't.

GM has already received $13.4 billion in aid, and it must meet strict requirements to cut labor costs and debt by a June 1 deadline.

Henderson says the company will be prepared to file for bankruptcy if it is unable to reach those goal out of court.

Henderson also says the company will not sell its ACDelco parts
division.