GM CEO says bankruptcy would cause liquidation

[Omaha Steve]

Source: AP

DETROIT (AP) - General Motors Chief Executive Rick Wagoner says the automaker would end up being liquidated if it enters Chapter 11 bankruptcy protection.

Wagoner says restructuring out of court would accomplish 99 percent of what could be achieved in bankruptcy. But he says it wouldn't have the risk of scaring away customers or the huge expense of Chapter 11.

Wagoner made the statements Tuesday at a breakfast in Washington, D.C., sponsored by the Christian Science Monitor.

Read more: http://apnews.excite.com/article/20090317/D96VSTSO1.html

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McCain wants GM to go Chapter 11. But then what was it McCain said about his understanding of the economy?