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General Motors says bankruptcy not an option

General Motors said bankruptcy for the firm is not an option and called for coordinated federal action to assist the ailing US automobile industry.

“Bankruptcy is not an option that GM is considering,” Maureen Kempston Darkes, Group Vice President and President, GM Motors Latin America, Africa and Middle East, said at a news conference in Dubai.

“It would not benefit our customers, our dealers or our employees.”

“There is a strong need for coordinated federal action,” she said.

When asked whether the group's financing arm GMAC is an integral part of the group, Darkes said: “ho knows? Times change and we will have to see how that develops.”

“The problems in the markets and credit markets can handicap the pace at which we can transform our business.” (Reuters)