GM might file bankruptcy

• Source: The Global Times
• [14:39 May 12 2009]
• Comments

By Shi Jierui

"I certainly think today it's more probable that we would need to resort to a bankruptcy process," Fritz Henderson, General Motors Corp (GM)'s CEO, warned Monday.

According to Bloomberg News, six GM executives sold shares in the company as GM said it's more probable than previously thought that it will need to file for bankruptcy.

GM needs to come up with a massive restructuring plan demanded by the US and Canadian governments before the June 1 deadline. The company is surviving on $15.4 billion of emergency loans from Washington.

During a conference call with reporters, Henderson said staying out of bankruptcy protection was still a possibility and a filing in the US would not necessarily mean similar moves in other countries.