General Motors Corp is considering "all options", including bankruptcy, according to the Wall Street Journal. The report comes after GM announced an extension of production cuts in the US and Canada for a second week and moves to keep its Oshawa truck plant shut till July next year.
GM sells 95 per cent of its Canadian vehicle production in the US, where vehicle sales have collapsed in the economic and financial downturn. Rick Wagoner, its chief executive, had told lawmakers that bankruptcy was not a viable alternative for the company.If federal help is not forthcoming, GM, Ford and Chrysler may have to seek bankruptcy or exit US. GM still is looking at the Congress for action.
