General Motors Corp. will pare 2,100 dealers from its business, and has until July 10 to complete the remix of its assets in bankruptcy court paid for by the Obama administration, according to filings today.
In an affidavit, GM Chief Executive Fritz Henderson also reveals that the company looked for investments from foreign governments and considered selling OnStar, but was unable to do either as the economy collapsed last year, leaving the Obama administration plan as the only choice.
“There simply is no viable alternative,” Henderson said in the filing. “There is no other sale, or even other potential purchasers, present or on the horizon.”
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