Members of General Motors' board of directors are willing to consider "all options" for the auto maker, including bankruptcy filing, a stance that differs from that of Chairman and Chief Executive Rick Wagoner, a media report said quoting people familiar with the matter.
As part of his push to win a federal bailout for the company, Wagoner told Congress this week that the GM management believes bankruptcy protection is not a viable option for the company. Instead, GM is focusing on persuading lawmakers to provide financial help, Wagoner said.
But the Journal said the board, which in the past has publicly offered Wagoner its strong support, agrees that seeking government funding is the company's top priority. But it isn't willing to dismiss the possibility of a bankruptcy filing, the The Wall Street Journal added, citing people familiar with the thinking of the board's outside directors.
In a statement provided to the paper on Friday, GM said the board had discussed bankruptcy but didn't view it as a "viable solution to the company's liquidity problems". The board "is committed to considering all options in light of circumstances as they may develop".
GM spokesman Tony Cervone told the financial daily that the management is considering doing everything in its power to avoid a filing.