New GM CEO says more plants could close

New GM CEO says more plants could close

March 31st, 2009 by Associated Press in Local - Breaking News

DETROIT - General Motors Corp.'s new chief executive says more of the automaker's plants could close as part of GM's effort to meet new, tougher requirements for government aid.

In his first press conference as CEO, Fritz Henderson said today that he expects the company would "need to take further measures" in terms of plant closures. He's referring to plants beyond the five plants the company said it would shutter when it submitted a restructuring plan to the government last month.

President Barack Obama said Monday that GM's plan didn't go far enough.

Henderson took over GM Monday, after the Obama administration asked former CEO Rick Wagoner to resign.

The company has 60 days to make more cuts and get more concessions from bondholders and unions or it faces bankruptcy.

Henderson also says a decision on the fate of GM's Hummer brand will come in the next few weeks.