Ford, GM say they won’t file for bankruptcy

Tumbling stock market crushing shares of both Detroit automakers Scott Olson / Getty Images file Workers at a GM assembly plant make final adjustments to SUVs coming down the assembly line. The automaker is reportedly likely to announce more production cuts and possible plant closures as early as next week. NEW YORK - Executives at Ford and General Motors said Friday they are not considering filing for bankruptcy, even as the tumbling stock market crushed shares of both automakers. Ford’s CEO Alan Mulally said that the company is focused on conserving its cash and putting restructuring plans in place as it tries to weather the credit crisis and stock market decline. Mulally said in an interview with The Associated Press that he is not worried about bankruptcy or a takeover, even as Ford’s stock price hit their lowest level in... [read full story]