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ReprintsWagoner says bankruptcy talk 'inaccurate'
July 10, 2008 - 2:30 pm ET
UPDATED: 7/10/08 4:30 p.m. EDT
DETROIT (Reuters) -- General Motors CEO Rick Wagoner on Thursday said speculation that the top U.S. automaker was potentially a candidate for a bankruptcy filing was "inaccurate." Wagoner, who was speaking to reporters in remarks broadcast by business network CNBC, said GM had no plans to eliminate any brands beyond its Hummer SUV line. He also said GM could cut truck production more deeply if the U.S. market shifted farther toward passenger cars. "We don't have plans to eliminate any more brands," Wagoner said. Last week, Merrill Lynch warned that a bankruptcy filing by the automaker was "not impossible" because of continued projected losses. GM shares closed Thursday at 9.69, their lowest close in more than 50 years. The automaker's stock price reached a low of 9.32 in earlier trading Thursday before closing down 64 cents, or 6.2 percent. |
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