GM CEO Says Early Bankruptcy Exit Possible

KIMBERLY S. JOHNSON

DETROIT (AP) — General Motors CEO Fritz Henderson said Wednesday the company is moving swiftly on restructuring under bankruptcy protection and the watchful eye of the president's auto task force.

The automaker may be able to exit bankruptcy protection in less than the 60 days to 90 days timeline GM gave prior to its June 1 bankruptcy filing.

"It could be sooner," said Henderson, speaking to reporters at The National Summit. "We're moving aggressively according to plan."

He said the task force is heavily involved with restructuring GM, as the government is expected to hold a 60 percent stake in the company when it emerges from bankruptcy protection.

In addition to being a leaner, more productive company going forward, GM is planning future vehicle designs around higher oil prices.

In a summit discussion on energy, Henderson said GM is betting crude oil prices could eventually revisit the $100 to $130 per barrel cost reached last year.