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Last updated 11:09PM ET
March 3, 2021
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General Motors CEO
(2008-07-11)
(wgvu) - General Motors' chief executive is dismissing speculation that the largest U.S. automaker might soon seek
bankruptcy protection.

Rick Wagoner says comments in the past week about a potential bankruptcy are not constructive or accurate.

Wagoner told Dallas business leaders yesterday that GM has $24 billion dollars in cash and $7 billion dollars in unused credit facilities.

A Merrill Lynch analyst had cut his rating last week on GM stock and said "bankruptcy is not impossible" if the auto market
continues to weaken.

GM shares continued their slide yesterday, falling 64 cents, or 6.2 percent, to $9.69.

Last week, GM stock closed under $10 for the first time since 1954.

The Detroit automaker also has closed several truck plants.
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