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GM chief says bankruptcy under consideration

General Motors' new chief executive said yesterday that the carmaker is prepared to enter bankruptcy if it cannot restructure by itself.

Fritz Henderson, who became CEO after Rick Wagoner was ousted at the weekend, said: "Our preference is to do this outside a bankruptcy process."

However he revealed the carmaker has made contingency plans for bankruptcy should it be impossible to renegotiate its committments to bondholders and the United Auto Workers union.

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