New GM CEO Admidts Bankruptcy Is Now Probable

General Motors chief executive Fritz Henderson said the automaker still intends to restructure its business outside of bankruptcy, but a filing is still "probable" given all the concessions it must achieve with such a short deadline.

GM, which has already received $13.4 billion in government loans, is working on a two track plan: outside bankruptcy and inside.

"Contingency planning is under way," Henderson told reporters this morning.

Read Article

thstone - 4/17/2009 5:40:41 PM

+5 Boost

Probable? Guaranteed is more like it.

topneuro - 4/17/2009 5:51:41 PM

+4 Boost

OBAMA:
Bring out...
[rewr!]
...your dead!
[rewr!]
[clang]
Bring out your dead!
AUTOSPIES:
Here's one.

OBAMA:
Ninepence.
GM:
I'm not dead!
OBAMA:
What?
AUTOSPIES:
Nothing. Here's your ninepence.
GM:
I'm not dead!
AUTOSPIES:
'Ere. He says he's not dead!
OBAMA:
Yes, he is.
GM:
I'm not!
OBAMA:
He isn't?
AUTOSPIES:
Well, he will be soon. He's very ill.
GM:
I'm getting better!
AUTOSPIES:
No, you're not. You'll be stone dead in a moment.
OBAMA:
Oh, I can't take him like that. It's against regulations.
DEAD PERSON:
I don't want to go on the cart!
AUTOSPIES:
Oh, don't be such a baby.
OBAMA:
I can't take him.
GM:
I feel fine!
AUTOSPIES:
Well, do us a favour.
OBAMA:
I can't.
AUTOSPIES:
Well, can you hang around a couple of minutes? He won't be long.

Joe_Limon - 4/17/2009 6:04:19 PM

+3 Boost

What is news is that even the GM president is saying it's probable... Which correct me if I am wrong is the point of this article.

cococo - 4/17/2009 6:40:13 PM

+2 Boost

How do you admidt something?

2007Tahoe - 4/23/2009 9:08:37 PM

+1 Boost

@cococo

I was wondering that myself.

vvelez - 4/17/2009 11:48:09 PM

0 Boost

So GM takes all this money and now it's "probable" to go bankrupt? What was the point of this circus? to make the death long and arduous and to take our money? well it worked... GO FORD

dealerskid - 4/18/2009 3:13:21 AM

+1 Boost

Don't you love the new GM marketing program, " GM Confidence Program". GM offers Rebates ! File GM, File GM, and please for the US tax payers > File GM ! Go Ford

Type707 - 4/18/2009 3:29:02 AM

0 Boost

Wait...let me guess...their secondary Contingency plan is to ask for more money...you know what GM stands for???

Gimme.Money

91z4me - 4/18/2009 9:53:42 AM

0 Boost

But it may soon stand for Government Motors.

rawbux - 4/20/2009 2:20:29 AM

+1 Boost

Your an idiot!!! They aren't having problems because they build crappy cars. There are alot of factors. They're build quality has dramatically improved and on par in alot of ways to other more expensive cars. Pull your head out and educate yourself. With a name like gaybashingneonazilovemachine, I guess that's all we can expect from you!

doctorproctor - 4/18/2009 6:10:40 PM

0 Boost

Finally admits what the rest of the world has known all along..big deal. Bankruptcy will be the best thing for GM....to reorganize, remodel, refocus, reduce, replace and reopen for business!