GM's chief softens view on bankruptcy

The Wall Street Journal
March 18, 2009
AUTO : BUSINESS

General Motors Corp.'s chief executive, once a staunch opponent of bankruptcy as a way of reorganizing the ailing auto maker, has softened his view, suggesting the company could possibly emerge from a Chapter 11 filing.

Rick Wagoner's comments came as GM is bogged down in talks with the United Auto Workers union over labor cost cuts and discussions with bondholders about reducing the company's debt. Signaling that GM no longer views bankruptcy as off the table could strengthen the company's hand in those negotiations, according to a March 18 report in The Wall Street Journal.

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