DETROIT — General Motors Corp.’s board of directors does not consider bankruptcy protection a viable option to solve the company’s financial troubles, but it has discussed Chapter 11 because it has a legal duty to do so, a spokesman said Saturday.
GM, an icon of American manufacturing, has been battered by a plunge in car sales. GM, which has slashed jobs and closed plants since early in the decade, has warned that it could run low on cash by the end of the year unless it gets a taxpayer-funded rescue from the government.
“The board has a responsibility to keep all options open considering the circumstances,” said vice president of communications Tony Cervone. “Chapter 11 protection is not a viable option because it doesn’t fundamentally address the issues at hand today.”
