GM not considering bankruptcy filing, Wagoner says

DETROIT (AP) Bankruptcy is NOT in General Motors' future. <br/><br/>That word from Rick Wagoner, the chairman and CEO of the nation's leading automaker. <br/><br/>In an interview with The Associated

Thursday, October 20th 2005, 7:52 am

By: News On 6

DETROIT (AP) Bankruptcy is NOT in General Motors' future.

That word from Rick Wagoner, the chairman and CEO of the nation's leading automaker.

In an interview with The Associated Press, Wagoner says that for a variety of reasons, including the responsibilities GM has to a broad range of constituents, bankruptcy is not ``a good option.''

GM operates an assembly plant in Oklahoma City that employs about 26-hundred people.

Wagoner says he and other top GM execs will take a cut in pay of at least 40 percent to deflect union criticism that executives aren't making enough sacrifices.

The interview came two days after the company reported a third-quarter loss of $1.6 billion and announced a deal with the United Auto Workers to cut health care benefits.