GM: New CEO with New Plan

SHAKESPEAR:
General Motors hopes that by closings plants and cutting jobs it will hope remake itself. But the automaker also says it knows bankruptcy is a possibility.

STORY:
General Motors has a new CEO and a new spin on its plans to get back in gear.

[Fritz Henderson, General Motors CEO]:
"Important point: We will get the job done. We will either do it out of court or we will do it in court but we will get the job done in terms of recreating and reinventing GM as a competitive enterprise, one that wins in the marketplace."

Henderson laid out his vision a day after the White House rejected the company's latest survival plan and pushed out Richard Wagoner as CEO.




Henderson's plan will include new buyout programs for its union workers, and plans to focus on 4 core brands.

To drive sales, GM will offer to cover payments if customers lose their jobs- an offer already offered by rival Ford. Henderson a preplanned bankruptcy, while not ideal, is now more likely for GM thanks to promised government help as a so-called debtor in possession or D-I-P .


[Fritz Henderson, General Motors CEO]:
"We could not actually contemplate a bankruptcy process if we didn't have the government there to provide DIP financing if its required or to provide the kind of protections to wrap around our offerings in the marketplace. It wouldn't even be viable we couldn't do it."


Henderson said a decision on bankruptcy would be made by GM management in consultation with President Barack Obama's auto task force.

Category:

News & Politics

Tags:

• ntd
• CEO
• General Motors
• economy
• Henderson
• Ford
• President Barack Obama's
• global economic crisis

[gontop1]

a toyota or honda hybrid that gets less mpg cost at least 35k. opel is a gm company in europe. a good oil change with any internal oil filter car cost at least $45, and a camaro is not made as a family car. try to be fair next time

[netwbplease]

I find reliability as you state it to be very underresearched. When was the last time u saw an old muscle car still going on a rebuilt motor? I mean if you don't understand the workings of a car, obviously the smaller the engine the more "reliable" it seems, but that is all that can be said about it. No other automaker but Volvo can make engines that last 200k miles then get rebuilt and last another 200k. Think about that.

[YAHWEHisperfect]

let's hope this big lie will come to the end...soon...let's hope gm will cease to be....forever....

[discoverymoi]

GM te apoyo...

[mozaks80]

Gold medal for Todon8181!!!

[todon8181]

honda sucks!!!!!

[todon8181]

I just bought one!!!

[Limper31]

Yes. They do. It has nothing to do with the amount of vehicles they sell. Think of all the chevys, pontiacs, caddys, Buicks, hummers, Gmc's, etc..you see on the road. More than any other company in the world. The problem is they don't have a huge margin on the price and the stupid unions.

[mozaks80]

hmmm so 'everyone' buys a GM product, yet GM went under and all of the other car makers are still afloat, weird indeed...

[mozaks80]

New plan? To make a car someone might want to purchase? Bwaahahahahahahahahahaha

[Limper31]

Weird considering everyone buys gm vehicles...hmmm..

[BigBillClinton]

As long as the unions run GM it will be failure.