GM Chief Executive Fritz Henderson -- installed in the job a day earlier as part of a shake-up that included GM's board -- said the top U.S. automaker would have to close more plants and shed more factory jobs than it had planned just a month ago.
GM could still be burdened with close to $74 billion in debt after a restructuring, including $18 billion in government loans — that's close to 50 times GM's current market capitalization.
White House said a structured bankruptcy plan for the two automakers could give them their "best chance at success."
GM's subsidaries are Buick
Cadillac, Chevrolet, Daewoo, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall
Cadillac, Chevrolet, Daewoo, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall
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