The New York Times DealBlog liveblogged the GM conference call. We’re glad they did, because just reading their recap is depressing enough for us.
The automaker said that bankruptcy wasn’t a foregone conclusion, but that it is more probable than in the recent past.
“Today it’s more probable that we would need to resort to a bankruptcy process. But there’s still a possibility and an opportunity for it to be done outside of a bankruptcy,” said Fritz Henderson, the chief executive of General Motors.
42% of GM dealers will close, probably in the next few months, if not longer. There was one bit of bright news — GM has found two bidders for Hummer. There was no mention of the fate of Saturn and Saab.
Only three weeks left before the government deadline! Do you think GM can get its act together and avoid bankruptcy?