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General Motors chief rules out bankruptcy

3 December 2008, 14:36 | Associated Press
General Motors chief rules out bankruptcy
WASHINGTON (AP) - A top executive of General Motors says bankruptcy isn't a viable option for struggling U.S. automakers, maintaining that a retooling plan being presented to Congress this week will save the industry.

General Motors Corp. chief Fritz Henderson is acknowledging that the automakers bungled their initial efforts to get federal relief in their appearances in Congress last month.

Henderson, interviewed on NBC's "Today" show Wednesday, conceded "it was not our finest hour." And he also agreed that it was a mistake for the heads of the companies to fly to Washington on private luxury jets.

But Henderson also said the companies have a better, more detailed plan this time around and that company officials are already in Washington briefing lawmakers on it in advance of hearings.

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