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Thursday, July 10, 2008
GM Chief Executive Says Company Not Seeking Bankruptcy
Associated Press
DALLAS -- The chief executive of General Motors Corp. is dismissing any notion that the largest U.S. automaker might soon seek bankruptcy protection.
Speculation and comments about bankruptcy in the past week are "not at all constructive or accurate," Rick Wagoner said Thursday.
GM (GM) has $24 billion in cash and $7 billion in credit facilities, he said.
"Under any scenario we can imagine ... our cash position will remain robust through this year" and the company has options for raising cash beyond that, Wagoner said at a lunch meeting of Dallas business leaders.
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