GM denies that bankruptcy is under consideration, shares edge up

After its shares fell to an all-time low since 1950s, GM said today it is not considering bankruptcy. The statement comes after GM’s shares fell as much as 31percet yesterday.

“Clearly we face unprecedented challenges related to uncertainties in the financial markets globally and weakening economic fundamentals in many key markets, but bankruptcy protection is not an option GM is considering,” GM said.

GM said that bankruptcy would not be in interest of its employees, investors and suppliers. The company’s shares were up to around $5 today after falling to $4, up $0.24 as share.


Source: CNNMoney