Bankruptcy Gives GM Opportunity, `Huge Responsibility' -CFO
01 Juni 2009 - 6:09PM
Dow Jones News
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