GM directors consider Chapter 11 bankruptcy filing

>> Sunday, January 4, 2009

General Motors directors are reportedly considering a Chapter 11 bankruptcy filing and seeking court protection in an attempt to cope with the ailing carmaker's dwindling cash reserves. According to people familiar with situation, the plans go directly against CEO Rick Wagoner's claims that bankruptcy is not an option as it would turn away more customers from buying GM products. The information was first reported in the Wall Street Journal, which also claimed that GM has provided a statement saying the board had discussed bankruptcy but didn't view it as a "viable solution to the company's liquidity problems.'' GM spokesman Tony Cervone also told the paper that management is considering everything possible to avoid a filing, including Chapter 11 as this is a legal duty.

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