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 ...

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