New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners
By Kevin Spak,  Newser Staff
Posted Mar 31, 2009 10:53 AM CDT
New GM Boss: Bankruptcy 'More Probable'
In a Feb. 17, 2009 file photo General Motors Chief Operating Officer Fritz Henderson is seen during the company's restructuring plans news conference in Detroit.   (AP Photo/Carlos Osorio/file)

(Newser) – In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do it in court, or we will do it out of court, but we will get the job done,” he said.

Henderson also announced a program to help those who had bought GM vehicles and then lost their jobs, giving the unemployed up to nine $500 payments. More GM employees may soon join those non-working ranks as well, since Henderson plans to offer another round of buyouts. He also said he hadn’t yet decided whether to offload the Hummer brand. (Read more General Motors stories.)

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