GM Could Be Gone by End of the Month, Gettelfinger Says

GM Could Be Gone by End of the Month, Gettelfinger Says

UAW President Ron Gettelfinger testified before a Senate committee Thursday that General Motors could be bankrupt by the end of December.

"I believe we could lose GM by the end of this month unless something happens," Gettlefinger told the the Senate Banking, Housing and Urban Affairs Committee in the automakers' second plea for financial assistance.

Gettelfinger insisted a Chapter 11 bankruptcy or even a pre-packaged restructuring, as advocated by many in Congress, is not a viable option. He said consumers won't buy cars from a company in bankruptcy.

Indeed, GM CEO Rick Wagoner said the automaker needs in immediate $4-billion loan to stay afloat through the end of January.

This morning, Gettelfinger, Wagoner, Chrysler CEO Bob Nardelli and Ford CEO Alan Mulally are testifying for the second time before the House Financial Services Committee. 

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.