CHICAGO, April 17 (Xinhua) -- General Motors needs
4.6 billion dollars in U.S. government loans this quarter, Chief Executive
Officer Fritz Henderson said Friday.
GM faces a June 1 deadline from the Obama
administration to come up with a plan for viability. So far GM has received 13.4
billion dollars in federal assistance.
GM still hopes to avoid a bankruptcy, but the option
is becoming increasingly unavoidable. GM will file for bankruptcy protection if
it can not restructure out of court by June 1, Henderson said.
"A lot has to happen in the next couple of weeks,"
Henderson said. "We need to get our plan finalized, negotiate with the UAW and
spend more time with the ad hoc bondholders."
Vice president: GM still prefers restructuring outside court
DETROIT, the United States, April 14 (Xinhua) -- General Motors Corp., the largest U.S. automaker facing the threat of bankruptcy, will use the in-court process only if it fails to accomplish a restructuring plan outside the court, Ray Young, executive vice president and chief financial officer (CFO) of the company, said here on Tuesday.
In an exclusive interview with Xinhua at the GM headquarters in the U.S. auto city of Detroit, Young said: "We have indicated that our preference is to do the restructuring outside the court, at the same time if we can not accomplish our objectives, we would use an in-court process and I know that some of the press have been talking about the concept of a surgical bankruptcy." Full story
Auto-industry expert sees bankruptcy for GM, Chrysler more likely
DETROIT, April 14 (Xinhua) -- The possibility of bankruptcy for General Motors (GM) and Chrysler is increasing as the U.S. government's deadline for restructuring approaches, an auto-industry expert said.
"It's never been more possible for those two going bankruptcy," Kristin Dziczek, a senior project manager at the Center for Automotive Research, a nonprofit organization, told Xinhua in an interview on Tuesday. Full story
GM's market in China continues to be strong: GM vice president
DETROIT, April 14 (Xinhua) -- Although the largest U.S. auto maker General Motors (GM) is preparing for possible bankruptcy, its market in China continues to be strong, GM Vice President Ray Young said Monday.
In an exclusive interview with Xinhua at GM's headquarters in the auto city of Detroit, Young said that the company has a record sale in China in the first quarter of 2009. Full story
GM, Chrysler debtors pushed for tougher concessions
BEIJING, April 13 -- The United States government is pushing for tougher concessions from the creditors of General Motors Corp and Chrysler LLC, as the troubled auto makers face looming deadlines to restructure or seek bankruptcy protection.
The Treasury Department wants GM to offer its bondholders a small amount of its stock in exchange for their 29 billion U.S. dollars of GM debt, The Wall Street Journal reported on Friday, citing unnamed people familiar with the matter. Full story