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Mon May 11, 2009
GM CEO says tasks are large to avoid bankruptcy
Detroit, MI – East Lansing, MI (AP)
General Motors' top executive says bankruptcy is becoming more probable but there is still hope that the company can restructure and avoid court protection.
CEO Fritz Henderson says the automaker is looking at its operations country-by-country to determine where it might have file for bankruptcy.
He says a U.S. bankruptcy doesn't necessarily mean that GM would file in other locations.
Henderson told reporters on a conference call Monday that the company would still prefer to avoid bankruptcy but he realizes the tasks it must accomplish are large.
Governor Granholm says she still hopes General Motors can avoid following Chrysler into bankruptcy.
But Granholm says it's an option she can live with if she must.
General Motors Corp. is living on $15.4 billion in federal loans and faces a June 1 government deadline to restructure or seek Chapter 11 bankruptcy protection.