GM not headed toward bankruptcy -- CEO

Newswire

DETROIT, Nov 17 (Reuters) - Losses at General Motors Corp. are unsustainable, but the company is not headed toward insolvency, Chief Executive Richard Wagoner said on Thursday. "There is absolutely no plan, strategy or intention for GM to file for bankruptcy," Wagoner said in a letter to GM's 325,000 employees on the company's internal Web site. GM, the world's largest automaker, has lost nearly $4 billion this year, while its shares have lost about 46 percent of their value. The auto ...

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