GM chairman Kresa admits: "Time is not on our side on trying to get things done out of bankruptcy"
That time-line caused Kresa to say "We have some deadlines rapidly approaching and the probabilities are decreasing we can do outside of bankruptcy." We were fairly sure GM couldn't get a deal done when they had until June 1 merely to get signatures on agreements. If GM has to have everything in place by Friday, and the bondholders as of Tuesday hadn't issued a response to the General's latest offer, then it looks like the Auto Task Force will instruct everyone to, "Please open your books to Chapter 11."
[Source: Wall Street Journal | Image: Bill Pugliano/Getty]
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