White House optimistic GM can avoid bankruptcy
WASHINGTON |
WASHINGTON (Reuters) - President Barack Obama's administration remains optimistic that General Motors Corp (GM.N) can restructure without going to bankruptcy court, a senior administration official said on Wednesday.
The official reiterated the White House's position, however, that "targeted use of the bankruptcy code" could be employed if necessary.
"We remain optimistic that significant re-structuring can be executed without the use of the bankruptcy code," the official told Reuters.
(Reporting by Jeff Mason)
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