MILFORD, MI – At one point earlier this year, General Motors Co. thought it had made the operational changes necessary to avert bankruptcy, but the U.S. recession had turned its balance sheet so far upside down that ultimately the company had no other choice. “We’d already had made a pretty substantial move,” President and CEO Fritz Henderson says, slashing operational costs from some $40 billion in 2005 to an anticipated $27 billion this year. “But we got to the point where we didn’t ...
Premium Content (PAID Subscription Required)
"Upside-Down Balance Sheet Doomed GM to Bankruptcy, CEO Says" is part of the paid WardsAuto Premium content. You must log in with Premium credentials in order to access this article. Premium paid subscribers also gain access to:
All of WardsAuto's reliable, in-depth industry reporting and analysis
Hundreds of downloadable data tables including:
• Global sales and production data by country
• U.S. model-line inventory data
• Engine and equipment installation rates
• WardsAuto's North America Plant by Platform forecast
• Product Cycle chart
• Interrelationships among major OEMs
• Medium- and heavy-duty truck volumes
• Historical data and much more!
Current subscribers, please login or CLICK for support information.