Wagoner admits to 'Plan B:' Bankruptcy
Second, an increasingly desperate GM does have "a Plan B," despite repeated claims by GM Chairman Rick Wagoner, GM's lead director, George Fisher, and President Fritz Henderson that Chapter 11 bankruptcy filing is not a "viable option" for the No. 1 automaker. Oh, but it could be, Sen. Bob Corker, R-Tenn., learned by pressing Wagoner.
If GM, the United Auto Workers and the automaker's bondholders failed by March 31 to rework GM's labor costs and restructure its debt-laden balance sheet -- two core goals of many bankruptcies -- would Wagoner agree to pay the loans back in full (from what?) or file for bankruptcy?
Let's hope that it never comes to this. . .Click here to read more.