America’s biggest automaker described last night’s auto industry announcement by president Obama as beginning “a new era for the US auto industry” [which] also marks a defining moment in the history of General Motors” and acknowledged its final restructuring could include a “court-supervised process”.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Noting that the US treasury would provide working capital financing for GM for 60 days “while GM completes a more accelerated and aggressive restructuring to put the company on sound long-term financial footing”, GM said: “We understand the historic opportunity this presents, and we are fully committed to successfully completing the reinvention of GM.


“During the next 60 days, GM will address the tough issues to improve the long-term viability of the company, including the restructuring of the financial obligations to the bond holders, unions and other stakeholders.


“Our strong preference is to complete this restructuring out of court. However, GM will take whatever steps are necessary to successfully restructure the company, which could include a court-supervised process.”


New CEO Fritz Henderson added: “The US treasury has said that it strongly believes that a substantial restructuring will lead to a viable GM. Over the next 60 days, we will work around the clock, with all parties, to meet the aggressive requirements that have been set by the task force, and to make the fundamental and lasting changes necessary to reinvent GM for the long-term.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We have significant challenges ahead of us, and a very tight timeline.”