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GM CEO Fritz Henderson: Exiting bankruptcy protection

GM CEO Fritz Henderson: Exiting bankruptcy protection

By: Peter Chubb | June 18, 2009 | 3 Comments

On June 1, 2009, General Motors had filed for bankruptcy protection, well according to General Motors CEO Fritz Henderson; GM will be able to exit bankruptcy protection long before the 60 to 90 days timeline. Henderson said that GM is moving aggressively and according to plan.

The task force who has been put in place to help the struggling automaker has become heavily involved with General Motors’s restructuring plans; the reason for such involvement is that once GM comes out of bankruptcy protection, they are expected to hold a 60 percent stake in the company.

In the past GM have been all about big vehicles, like their GMC trucks, but in order to go forward they know that they will have to develop greener cars. Henderson has hinted that we could see crude oil prices increase back up to $100 to $130 per barrel, so more fuel-efficient cars is the future.

With what we know, it shows that once GM comes out of bankruptcy protection, we will see a leaner and more efficient company. This makes you wonder why the troubled automaker did not do this a long time ago, as the warning signs have been there for years. There are many losers with GM and it going into bankruptcy.

Source – AP

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  • John Maye

    I got stuck with a Chevy Cobalt for a 2,200 mile drive to Florida. Handled poorly, trip odometer only goes to 999 miles, I guess an extra digit was too much cost. MY drink nearly melted in the cup holder due to poor insulation under the carpet, Distance to Empty counts down your tank, but when it gets to 50 miles, it only tells you to get fuel, guess you are on your own guessing how many miles are left. What idiot designer thought this was a great idea? Air Conditioning totally inadequate for Florida temps and humidity. A TOTAL piece of junk, still marketed under improved quality….who do they think they are fooling? How do you give away 30% of your market share? By building junk, and only improving your marketing. GM STILL produces some of the worst crap on the market. If I’m going to spend $20-30k for a car, I want the best value for my expenditure, and that’s not with a company like GM. GM has perfected putting lipstick on a pig.

  • Astro Owner

    I am a Astro owner. Love it. over 130k miles and runs good. Not as good as my Jeep Cherokee with 200k miles, but still good. I will never buy a GM (Government Motors) product or Chrysler again (new or used). What these companies along with our elected officials have do to us as tax payer is wrong. Business is business and these companies should have worked it out or even entered BK without our money. Many business come and go, enter BK and exit BK without the taxpayers money. Elect new representatives at next election. Get our elected official to be subject to the same laws, heath care and Social Security as We The People. They should be a part of we the people instead of setting up separate retirement and health care for themselves! boycott GM and Chrysler until every penny is paid back to us. Boycott GM until it becomes a publicly traded company and the Gov’t is no longer involved.

  • gmisawesome

    General Motors Company (the “new” GM) has no publicly traded securities. It wouldn’t, and it shouldn’t, not for a long, long time..