U.S. Treasury plans no GM bankruptcy next week: source
WASHINGTON (Reuters) - The U.S. Treasury Department has no plans to push General Motors Corp into a bankruptcy filing next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early on Friday.
Earlier, the Washington Post reported that the Treasury would steer GM into bankruptcy next week under a plan that would provide the company just short of $30 billion in new federal loans, citing unnamed sources.
A U.S. Treasury spokeswoman declined to comment.
The Treasury is continuing to work with GM on its restructuring, and while the situation could change, there were no plans for a GM bankruptcy filing next week, said the source, who was not authorized to speak publicly about the matter.
(Reporting by David Lawder, editing by Jackie Frank)
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