General Motors Drives Back In Time Miriam Marcus, 03.06.09, 07:00 PM EST Automakers' shares fell to 1933 level despite firm's aversion to bankruptcy. Investors aren't buying General Motors' assurances of a revival any more than they're buying its cars.
General Motors (nyse: GM - news - people ) shares extended their downslide Friday hitting a new multi-year low, this time to levels not seen in 75 years, despite insisting it has not changed its position on bankruptcy. The automaker prefers to restructure out of court, and it said bankruptcy would result in a dramatic deterioration of revenue amid the worst auto sales environment in decades.
GM shares lost 41 cents, or 22.0%, to close the week at $1.45, but had fallen as low as $1.27 in morning trading. The low point matched a level set May 4, 1933, according to the Center for Research in Security Prices at the University of Chicago. That Depression-era price is adjusted for splits and other changes.
"As a prudent business measure, the company has analyzed various bankruptcy scenarios," GM said Friday. "However, the company firmly believes an in-court restructuring would carry with it tremendous costs and risks, the most significant being a dramatic deterioration of revenue due to lost sales."
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