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Fritz Henderson: GM will remain focused to accomplish restructuring

Published: 31/03/2009 05:00

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The new CEO of General Motors, Fritz Henderson, said Tuesday the company would go “deeper, harder and faster” to avoid bankruptcy and remain focused to use the two months to accomplish restructuring aimed at saving the ailing carmaker out of the court process.

General Motors (GM) interim Chief Executive Fritz Henderson answers questions during a news conference at GM headquarters in Detroit, Michigan March 31, 2009.(Xinhua/Reuters Photo)

Henderson told a press conference in Detroit, GM could reach the goals set by the U.S. auto task force ahead of a June 1 deadline but that a filing was “certainly more probable” than before the Obama administration rejected the company’s recovery plan.

“Our preference would be to use the next 60 days to accomplish restructuring out of the court process,” said Henderson. “If we’re not successful doing it out of court, we’ll do it in court.”

Henderson told reporters that GM had made “a good downpayment” on a new restructuring plan after the task force said Monday its existing efforts were insufficient and turned down a request for fresh loans.

The stepped up restructuring will likely include another program to usher out hourly workers, which would be the fourth such move since 2006. Henderson said more plant closings are also a possibility beyond plans to close 14 factories by 2012.

The government will provide GM with working capital until June 1 as it develops the plan and tries to thrash out deals with unions, creditors and other stakeholders.

Henderson was installed in GM’s top job Monday after the White House’s removal of the long-serving boss Rick Wagoner.

VietNamNet/Xinhuanet

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