GM (GM) CEO Fritz Henderson is on Squawk Box this morning, and for the most part he hasn’t broken any news.
He’s doing his best to put a good face on a horrible situation, but on the two biggest questions, the news is all bad.
First, there’s really no reason to think that GM will avoid Chrysler’s fate. When asked if there was any chance that 90% of bondholders would agree to a restructuring, he noted that GM has more retail bondholders than Chrysler has, and that there are way more unsecured bondholders. In other words: GM is like Chrysler, but with way more of a challenge getting everyone to agree.
And second, he was asked if there are any green shoots out there. Is there any rebound or sign that customers are coming back into GM showrooms in May? Answer: no.
Beyond that, Henderson says GM supports Obama’s fuel economy standards. Duh.