General Motors isn't considering bankruptcy as cure for woes

The Baltimore Sun reports:

General Motors Corp. isn't considering bankruptcy protection as a way to solve its financial troubles, the automaker's chairman and chief executive said yesterday.

"As we look at the responsibilities we have to a broad range of constituents, as we look at what we need to do to make the business successful, as we look at our businesses around the world, we think there are significant costs to bankruptcy," said Rick Wagoner. "We don't think it's a good option."

Wagoner also said he and other top executives would see their compensation cut by 40 percent or more this year. The policy seemed aimed to deflect criticism from United Auto Workers chief Ron Gettelfinger and others that GM executives aren't making enough sacrifices

Times change we'll see if GM can really pay those pension obligations in the next 3-8 years.There are no guarantees.