GM stock at 58-year low - says not headed for bankruptcy

Shares of General Motors Corp. lost nearly one-third of their value Thursday, plunging to their lowest level in more than 58 years.

Standard & Poor's said the automaker's credit could fall further into junk status due to the “rapidly weakening state” of the global automotive market.

GM shares plummeted $2.15, or 31.1 percent, to close at $4.76 after falling as low as $4.65. That low marked the automaker's lowest trade since March 15, 1950.

The company dismissed speculation that it was headed toward bankruptcy.

A company spokesman said Friday:

Clearly, we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets, but bankruptcy protection is not an option.

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