GM Shares Fall To Lowest Since Depression

By: Associated Press Email
By: Associated Press Email

Stay up-to-date with KAKE News:

Tuesday, May 12, 2009

Shares of General Motors have tumbled to the lowest since 1933 today. Investors feared dilution of their stock or bankruptcy as the company approaches the June 1 restructuring deadline.

GM shares dropped to as low as $1.09, the lowest level since April 28, 1933.

GM has received $15.4 billion in federal loans and is a little more than two weeks away from a government-imposed deadline to finish a restructuring plan or be sent into Chapter 11 bankruptcy protection.

The company has said it would prefer to restructure out of court, but Chief Executive Fritz Henderson says that bankruptcy is more probable with so much to accomplish and the deadline closing in.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KAKE TV 1500 N. West Street Wichita, KS 67203-1323 (316) 943-4221
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 44793137 -
Gray Television, Inc.