GM Says It's Not Headed for Bankruptcy
The day after General Motors' stock price plummeted to levels not seen since the 1950s, the country's top automaker dismissed speculation that it was headed toward bankruptcy."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 spokesman Mike Meyerand told ABCNews.com this morning.
"GM considering bankruptcy would not be in the interests of our employees, stockholders, suppliers or customers," he said.
Shares of GM plunged to $4.76 a share Thursday, down from nearly $7 the day before, after the ratings agency Standard & Poor's said it was reviewing the automaker's credit rating for a possible downgrade. The company's share price was more than $42.64 about a year ago.
Meyerand said GM was taking steps to raise capital both through the sale of facilities that housed GM plants that closed earlier this year as well as through the possible sale of its Hummer brand.
Angelina Jolie Breastfeeds Twin on
W Magazine Cover
W Magazine features her on its November cover, breastfeeding one of her twins. The photo was one of several taken by her husband, Brad Pitt, while they were holed up in France at the Chateau Miraval.
Jolie says in the accompanying interview that they plan to add at least one more child to their family, which now includes six children.
