General Motors Vice Chairman Bob Lutz tried to reassure members of the media this morning that GM is not considering filing for bankruptcy. Speaking to the Public Relations Society of America in Detroit, Lutz said, “Bankruptcy for GM certainly is not an option. The board has never talked about it.”
As has been reiterated in this space over and over, GM is running low on available cash thanks to spending the automaker deems excessive. GM and Cerberus Capital Management have discussed the Detroit automaker acquiring Chrysler LLC – a move many say would be for Chrysler’s available cash-on-hand. Lutz was unwilling to comment, however, saying, “There is no time frame at all for having anything definitive at all. We can’t comment on that.â€
Earlier today, we revealed that GM is considering stalling the upcoming Cruze compact car and the Malibu replacement. Both moves are considered a cost-saving measure for GM.
