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Jul 1, 2009, 15:47 GMT

GM under stiff time pressure as court hearing goes into second day

New York - The clock is ticking in General Motors' fight for survival as a crucial bankruptcy court hearing entered its second day Wednesday, with hundreds of creditors still challenging the carmaker's restructuring plan. GM's chief executive Fritz Henderson put serious pressure on the judge in more than five hours of testimony before the New York court Tuesday. He warned that liquidation would be the only option if the court didn't approve his reorganization plan by July 10. GM, which entered bankruptcy on June 1, wants the court's approval for what amounts to a government takeover. The Detroit-based manufacturer hopes to sell its best assets into a new company, which would have the US and Canadian governments as majority stakeholders. GM hopes to take the same road as its smaller rival Chrysler, which also sold its best brands into a new firm and emerged from bankruptcy in less two months. Chrysler is now under the control of Italian carmaker Fiat, aided by billions of dollars in government loans. But creditors, dealerships and some labour unions have lodged about 750 complaints against GM's plan, hoping to get a better settlement or more money through liquidation. The court hearing could last several days.

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