General Motors: Bankruptcy is not an option

General Motors: Bankruptcy is not an option

US based automaker General Motors has said in a statement that bankruptcy is just not an option for them.

GM is struggling in the US market as economy is faltering and consumers are not buying big expensive cars.

Barclays Capital has already stated that GM’s cash need were increasing.

Their stock has taken a major beating in the market as they fell down as much as 16 percent to $4 before recovering.

It was the lower price of their stock since 1949!

GM said in a statement: “Clearly we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets. But bankruptcy protection is not an option GM is considering. Bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers.”