Bankruptcy Still Possible, Says GM's New CEO

Fritz Henderson, the new General Motors CEO, says bankruptcy is still an option for the American car manufacturer especially if the company cannot meet the government 60-window for restructuring operations. What's interesting is that Rick Wagoner previously said that going bankruptcy actually means going out of business for General Motors, so Henderson's statement raised some eyebrows among Wagoner's supporters.

However, the new CEO insisted he is willing to do anything that's possible to reach his goal and keep the company on the floating line. "We will get the job done," he said according to The Detroit News. "We will do it out of court, or we will do it in court."

As you probably remember, President Obama and his Task Force asked Rick Wagoner this weekend to step aside as CEO of General Motors. Although he agreed to voluntarily leave the company, Wagoner will receive a $20 million retirement pay in addition to the multi-million salary he received in the past years.

"Most important of all I want to express my deepest appreciation to the extraordinary team of GM employees around the world. You have been a tremendous source of inspiration and pride to me, and I will be forever grateful for the courage and commitment you have shown as we have confronted the unprecedented challenges of the past few years. GM is a great company with a storied history. Ignore the doubters because I know it is also a company with a great future," Rick Wagoner said in a statement on Monday following his retirement announcement.

The US Task Force has asked General Motors to revise its restructuring plan in a maximum of 60 days while Chrysler has been given a 30-day deadline to complete its deal with Fiat.