General Motors Has Glimpse of Hope in Bankruptcy Recovery

The November 16, 2009 Bloomberg Report Relays GM Glimpse of Good News

 

GENERAL MOTORS America’s largest automaker expressed $1.15 billion loss after its July 10 exit from a restructuring engineered by the Obama administration. Cash on hand totaled $42.6 billion at the end of the quarter, and GM reported progress in cutting jobs and shutting dealers.

 

GM’s Chief Executive Officer Fritz Henderson said in a Bloomberg Television interview: “We are ahead of the bankruptcy plan, not only in operations, but with some contingencies we provided for that we have been able to manage.”

 

Fritz Henderson told CNBC that repaying the U.S. and Canadian aid that financed GM’s bankruptcy was a “personal” commitment. Fritz Henderson points out that GM has felt strongly that General Motors could start repaying that loan now.