All options on the table for GM: report
November 22, 2008
Members of General Motors' board of directors are willing to consider "all options" for the ailing auto maker, including filing for bankruptcy protection, The Wall Street Journal reported on its website late Friday.
Citing unnamed people familiar with the matter, the newspaper said this position puts the board members in rare disagreement with GM Chairman and Chief Executive Officer Rick Wagoner.
Wagoner told Congress this week that GM management believes bankruptcy is not a viable option for the company.
Instead, GM is focusing on persuading lawmakers to provide financial help.
According to The Journal, the GM board of directors agrees that seeking government funding is the company's top priority.
But it isn't willing to dismiss the possibility of a bankruptcy filing, the report said.
In a statement provided to The Journal on Friday, GM said the board had discussed bankruptcy but didn't view it as a "viable solution to the company's liquidity problems."