US Treasury Plans No GM Banckruptcy Next Week

WASHINGTON - The US Treasury Department has no plans to push General Motors Corp into a bankruptcy filing next week and the outcome of the automaker's restructuring efforts may not be known until a June 1 deadline, a source familiar with the situation said early Friday.

Earlier, the Washington Post ( WPO - news - people ) reported that the Treasury would steer GM into bankruptcy next week under a plan that would provide the company just short of $30 billion in new federal loans, citing unnamed sources.

A US Treasury spokeswoman declined to comment.

The Treasury is continuing to work with GM on its restructuring, and while the situation could change, there were no plans for a GM bankruptcy filing next week, said the source, who was not authorized to speak publicly about the matter.
source :

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