DETROIT -- General Motors said it plans to hold a press briefing on Monday, June 1, around mid-day, presumably to announce plans to seek federal bankruptcy protection.
The conference will be hosted by CEO Fritz Henderson at the GM Building on Fifth Avenue, GM said in a statement today without providing further details.
When asked if the press conference was to announce GM's plans to file for federal bankruptcy protection, GM spokesman Steve Harris said: "We're not giving any details."
The U.S. Bankruptcy Court in New York is a likely venue for the GM filing. The court has handled several other major corporate bankruptcies, including Chrysler LLC and Delphi Corp.
GM has been operating this year on $19.4 billion in federal loans. President Obama gave the automaker until June 1 to restructure and prove it could be a viable company or else face bankruptcy.
Part of that included GM reducing $48 billion in debt it owed to a union trust fund and its bondholders. GM was able to reach agreements with the UAW and major bondholders, but most experts agree its likely not enough to stave off a bankruptcy.
GM stock today closed at 75 cents a share, down 37 cents or 33 percent for the day. Common shares would retain little or no value if the company reorganizes under bankruptcy protection. For decades, the stock rarely traded below $20 a share. It fell below $20 in January 2008 and hasnt recovered.