GM CEO dismisses bankruptcy speculation

DALLAS Rick Wagoner, chief executive officer of General Motors Corp., has dismissed speculation that the largest U.S. automaker might soon seek bankruptcy protection.

Comments in the past week about a potential bankruptcy are not at all constructive or accurate, he said yesterday at a lunch meeting of Dallas business leaders.

Last week, a Merrill Lynch analyst cut his rating on GM stock and said bankruptcy is not impossible if the auto market continues to weaken.