Suzuki Motor Corp Chief Executive Osamu Suzuki said on Wednesday he believed a Chapter 11 bankruptcy filing by former top shareholder General Motors Corp was "100%" impossible.
“We are absolutely not assuming a scenario in which GM files for Chapter 11,” Suzuki told reporters at a news conference in Tokyo.
“I believe it's 100% outside the realm of possibility,” he said, repeating that the two carmakers would continue to work together on the development of future safety and environmental technologies.
GM, which once owned 20% of Suzuki, sold the last 3% back to the Japanese carmaker last week as it scraped around for cash to avoid a bankruptcy filing.
The partnership between GM and the Japanese small-car maker goes back 27 years, and still involves more than 10 joint projects including Suzuki's production of Opel brand cars and joint ownership of a factory in Argentina.
GM, which is seeking a government bailout, posted a deeper-than-expected loss for the third quarter in early November and warned it would run desperately short of cash by early next year without government support. (Reuters)