GM Can't Put The Brakes On Bankruptcy Rumors

Law360, New York (July 11, 2008, 12:00 AM EDT) -- With its stock slipping to under $10 a share, General Motors Corp. has continued to fight speculation that it is headed toward Chapter 11 — a possibility that industry analysts have been fearful of since earlier this month.

Speaking to reporters after giving a speech to business leaders on Thursday, GM Chief Executive Rick Wagoner vigorously disputed claims that it was approaching bankruptcy, according to published reports.

“We have no thought of [bankruptcy] whatsoever,” Wagoner said, according to The Wall Street Journal. “The rumors of it...
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