GM board hired advisers to consider bankruptcy

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DETROIT (Reuters) - General Motors Corp hired outside advisers to weigh bankruptcy, but the board determined that a filing was not an option for the struggling automaker, a GM spokesman said on Thursday.

"We said all along that the board had considered bankruptcy and had concluded it was not a viable option," GM spokesman Tony Cervone said.

"The board continues to meet frequently and to weigh all options and has retained appropriate advisers for all contingencies."

GM is lobbying for a share of a $14 billion auto rescue package stalled in Congress and has warned it could run desperately short of cash by the end of this month without an emergency federal loan.

GM Chief Executive Rick Wagoner, who also chairs the automaker's board, has said repeatedly a bankruptcy filing was not a strategic option for the automaker because of the risk it would be unable to reorganize under court protection and would be forced to liquidate instead.

The hiring of outside legal and restructuring advisers by GM was first reported by the Wall Street Journal. The newspaper said GM had retained Harvey Miller, a bankruptcy specialist at the New York law firm Weil Gotshal & Manges LP.

The newspaper also said GM retained restructuring advisers, including William Repko of Evercore Partners, Arthur Newman of Blackstone Group and Jay Alix.

GM's Cervone declined to name the outside firms hired by the company's board.

Earlier this month, Chrysler LLC confirmed it retained law firm Jones Day as bankruptcy counsel and had engaged other advisers to provide a comprehensive analysis of its options.

Chrysler said it hired Jones Day in response to the congressional hearings in November in which U.S. automakers were asked to study why bankruptcy was not a better alternative for restructuring than the loans requested from the government.

The review determined the impact from a Chrysler bankruptcy would devastate the domestic auto industry, the company said.

The cash crisis is most acute at GM and Chrysler. Rival Ford Motor Co, which has a stronger cash position, has asked U.S. lawmakers for a standby line of credit to protect it from a worsening of the U.S. auto market or the failure of GM or Chrysler.

(Reporting by Kevin Krolicki; Editing by Andre Grenon)

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