Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing
By Kevin Spak,  Newser Staff
Posted Mar 17, 2009 10:48 AM CDT
General Motors Chairman and Chief Executive Rick Wagoner arrives for a news conference to talk about the company's restructuring plans in Detroit, Tuesday, Feb. 17, 2009.   (AP Photo/Carlos Osorio)
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(Newser) – GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it might not work,” and would be expensive. Negotiations are complex and ongoing, he said, adding, “This isn’t just two-handed poker.”