A GM spokesperson reiterated the company's intention not to declare bankruptcy amid another credit rating cut by Standard & Poor's. S&P also released a statement yesterday indicating a bankruptcy by General Motors Corp. isn't "far-fetched," as it slashed GM's rating to an even junkier BB-. With its credit score looking more and more like a wardrobe order from a Russ Meyer movie, GM will have to rely solely on its cash reserves to fund its turnaround strategy, whatever in the heck that is.
Wagoner to GM Employees: Dudes, Chill! We re Not Goin Bankrupt! [internal]