GM To Taxpayers: Bail Us Out Or We'll Liquidate

With two weeks to go before the government deadline to approve GM’s restructuring plan, the AP says that GM’s CEO Rick “The Station” Wagoner told the press that if GM is allowed to go into bankruptcy, it will simply be liquidated.

Wagoner says restructuring out of court would accomplish 99 percent of what could be achieved in bankruptcy. But he says it wouldn’t have the risk of scaring away customers or the huge expense of Chapter 11.

GM CEO says bankruptcy would cause liquidation [AP]

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