CEO Fritz Henderson admits with so much on the line, all eyes will be on General Motors the next two to three months -- from the automaker's various stakeholders to the Obama Administration, to American taxpayers who will be shelling out another $30 billion to keep GM afloat. Henderson told reporters Monday afternoon, "We know we need to prove ourselves and to do it every day -- and we will."
The filing came after months of speculation and even more criticism of the way GM operated, something Henderson stresses will change, saying the old ways of doing things "are history."
Speaking several hours after GM's filing, President Obama defended his actions in providing more capital for the auto maker, insisting tax dollars will be put to good use. The President said simply providing more loans for GM "would mean simply repeating the mistakes of the past." But he also once again stressed he's not interested in a long-term nationalization of the auto industry.
For his part, Henderson says Monday's bankruptcy does not mean the end of General Motors, but instead a new beginning, insisting what we may all soon start referring to as "the new GM" will be built using the automaker's best assets, meaning those weaker segments will be sold-off or closed during the reorganization process.
