David Kirkpatrick

November 24, 2008

GM contemplates bankruptcy

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 5:27 pm

After the beg-a-thon failed — in no small part because of the idiotic use of private corporate jets to get to DC — it looks like General Motors may be about to face the music.

From the link:

The board of directors of embattled U.S. automaker General Motors Corp is considering “all options” including bankruptcy, according to a report on the Wall Street Journal‘s website late on Friday.

The paper, citing people familiar with the board’s thinking, said the stance puts it in conflict with chief executive Rick Wagoner, who told lawmakers this week bankruptcy is not a viable alternative for the company.

GM, in a statement to the newspaper, said the board has discussed bankruptcy, but said the board did not view it as a “viable solution to the company’s liquidity problems.”

A GM spokesman told the paper that management is doing everything it can to avoid a bankruptcy filing.

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