In an update on the company’s restructuring strategy, GM CEO Fritz Henderson has said that the company is sticking with its strategy and that it is still feasible to complete its work outside of bankruptcy.
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However, he also said that preparations for that eventuality continue in case such an action is necessary.
“We have until June 1, and if we can’t do it between now and June 1 then we do it in bankruptcy,” Henderson said.
Henderson also said the automaker would be forced to cut an unspecified number of jobs and plants as part of its restructuring. A new business plan is due to be unveiled before the end of the month.
He said while talks were ongoing with bondholders and the UAW, each side would wait for the other to act, and both wanted a better picture of what GM would look like once its restructuring is complete.
“They’re going to wait until they see what the business plan is going to be like,” Henderson said.
“I felt several weeks ago it would be more probable we would need to go through a bankruptcy process, and that continues today, but I wouldn’t hazard a guess as to what those probabilities would be,” he admitted.
Henderson also revealed that GM has sent out confidentiality agreements to more than six potential investors for Opel/Vauxhall.
