GM Says it Will Not File for Bankruptcy

GM announced in a formal statement Friday that bankruptcy protection is not an option the Detroit-based company is considering, even though the automaker’s stocks have dropped to a 58-year low.

“Clearly we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets,” GM said. “But bankruptcy protection is not an option GM is considering.  Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers.”
On Thursday, J.D. Power and Associates said it predicts U.S. new vehicle sales to total 13.6 million units this year and 13.2 million in 2009, reports MSNBC.  In 2007, U.S. car sales totaled 16.1 million units.