GM Generali

Generali (AQEU:GM)
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The White House noted "encouraged signs" in General Motors Corp.'s (GM) restructuring process Friday, but declined to speculate on what the next few days hold for the auto maker.

"The president is encouraged that whatever happens at the deadline, the progress that is being made to restructure General Motors and put it on a path, as I've said, to being a viable auto company, we have seen encouraging signs," White House spokesman Robert Gibbs said. "And what happens in the next few days, the president obviously will certainly watch and will have something to say about it next week."

GM, which is expected to file for bankruptcy on Monday, cleared a major hurdle Friday when the United Auto Workers ratified a new labor agreement. The bankruptcy is expected to give the government a 72.5% stake in GM, which will receive up to another $50 billion in federal loans.

Gibbs said Chrysler LLC, expected to emerge soon from its own bankruptcy, provides a "hopeful example" for GM.

He also renewed the administration's assurances that President Barack Obama doesn't want to own or run private companies, despite the government's expected majority ownership position in GM.

"He's got plenty on his plate," Gibbs said. But he added that the White House would be "diligent" in crafting the company's management structure.

"I can assure you the president will be eager at that point of viability to get out of any ownership role of the company, assuming that we've protected the investment the taxpayers have made," Gibbs said.

-By Henry J. Pulizzi, Dow Jones Newswires; 202-862-9256; henry.pulizzi@dowjones.com