GM CEO dismisses bankruptcy speculation

7/11/2008

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.