GM’s New CEO Says More Plants May Close, Mentions Bankruptcy

Fritz Henderson, General Motors’ new CEO, says the company may have to close more than the five plants it has already proposed cutting in order to come up with a turnaround plan to satisfy the White House.

Henderson took over the troubled car maker Monday after President Obama rejected GM’s turnaround plan. GM is seeking $13.4 billion more in assistance from the federal government, but the government says it wants a plan that will can lead to a revival of GM and not just one that will suck money down the drain.

“We need to reinvent General Motors and we need to do it in a very, very abbreviated time period … so that we’re not spending our time careening from crisis to crisis,� Henderson said in a press conference, according to the Detroit Free Press.

He also added that bankruptcy is “certainly more probable.”