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General Motors board weighs bankruptcy option: report
November 22, 2008 / 4:51 AM / 9 years ago

General Motors board weighs bankruptcy option: report

<p>General Motors World Headquarters is seen along the Detroit River in Detroit, Michigan, September 17, 2008. REUTERS/Rebecca Cook</p>

WASHINGTON (Reuters) - 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.

The company’s board has been convening by phone each Friday to discuss GM’s liquidity situation, according to the paper.

Wagoner, along with chief executives from Ford Motor Co, and Chrysler LLC, this week went to Capitol Hill to plea for $25 billion in aid from U.S. lawmakers.

On Thursday, Democratic lawmakers demanded that executives provide them with a plan of action in exchange for supporting any bailout.

Reporting by Kim Dixon, Editing by Philip Barbara

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