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U.S. believes GM restructuring will go to deadline
WASHINGTON |
WASHINGTON (Reuters) - Efforts by General Motors Corp to sharply cut debt and restructure its business are expected to run until the June 1 government deadline for the automaker to prove viability or face bankruptcy, the White House said on Tuesday.
"We've got about a week to go," spokesman Robert Gibbs said. "Obviously, a lot of stakeholders are making sacrifices and I think this is a process that will continue, as it did in the Chrysler situation, right up until the deadline."
Gibbs's comment was in response to a question about a Reuters report that GM has failed to persuade enough bondholders to accept a debt-for-equity swap, a shortfall that would trigger bankruptcy unless quickly reversed.
Reuters sources said GM could file for bankruptcy some time after midnight Tuesday, but before June 1.
The White House and Treasury Department are leading a government task force that is overseeing the restructuring of GM and bankrupt Chrysler.
(Reporting by Caren Bohan and John Crawley; Editing by Doina Chiacu)
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