General Motors Corp.'s (GM) finance chief on Monday said the company's bankruptcy is a "once in a lifetime" opportunity to stabilize the auto maker's balance sheet.

"Why would a CFO be smiling when he is filing his company for bankruptcy?" GM Chief Financial Officer Ray Young said to reporters following the company's Chapter 11 filing. "I've never been so invigorated. This is a once in a lifetime opportunity to get our balance sheet healthy and we have a huge responsibility not to screw it up."

Evidence of new Chief Executive Fritz Henderson's mark on the company was apparent as the auto maker entered day one of bankruptcy.

During a roundtable interview with reporters in the offices of GM's bankruptcy attorneys morning, Young said the last 60 days, during which Henderson has been running the company, has been the most productive period during his 23 years at the auto maker.

He said Henderson challenged the team with tough targets and the team responded by essentially "batting .900" out of 1.000.

"I don't know the last time we were batting .900," he said.

GM's restructuring calls for painful downsizing that will shutter thousands of dealerships, eliminate tends of thousands of jobs and slash medical benefits for legions of retirees.

The company's restructuring plan, dictated by the Obama administration, will slash to auto makers debt to $17 billion, from $74 billion in current obligations.

-By Sharon Terlep and John Stoll, Dow Jones Newswires; Sharon.Terlep@dowjones.com