GM says this can be only a good thing for the American industry, as the decision will protect Chrysler but will also encourage the other automakers to continue the restructuring process.
"We are deeply appreciative for President Obama's strong commitment and support of the American auto industry and its employees. Like him, we firmly believe that the best days of America's auto manufacturers--including Chrysler--lay ahead. GM remains focused on accelerating the speed of its operational restructuring and reducing the liabilities and debt on its balance sheet. We look forward to working with the President's Auto Task force to do so and are committed to transparent reporting of our restructuring every step of the way," GM said in the statement for the press.
General Motors has been given a 60-day deadline to revise the restructuring plan it has sent to the United States government on March 30 and decide whether it can survive the crisis or follow Chrysler in Chapter 11.
Meanwhile, the company continues to tackle the recession with all kind of cost-cutting measures, including job cuts at many of its domestic facilities. For instance, GM announced in mid-April that it will lay off 1,600 workers by the end of the month, with further plans pointing to a 14 percent worldwide workforce reduction by June 1.
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