The interim chairman of General Motors' board says bankruptcy remains a "possibility" and the automaker needs quick agreements with the United Auto Workers union and bondholders to avoid that fate.
Kent Kresa says General Motors Corp. needs concessions from its union and debtholders or the company will be forced into bankruptcy. The Obama administration is giving GM until June 1 to restructure.
Working with the government, Kresa says he expects to have "significant leeway" to find new board members. GM has said most directors will likely be replaced at the company's annual meeting in August.
Asked about the White House's dismissal of CEO Rick Wagoner, Kresa says it was "their decision, not ours and we accepted it."
