General Motors stock plunged to a 76-year low today, a day after a group of its executives disclosed they had sold shares in the struggling automaker.
Six GM executives, led by former GM Vice Chairman and product chief Bob Lutz, disclosed on Monday that they sold almost $315,000 in stock and liquidated their remaining direct holdings.
The stock sale underscores the pressure on GM with less than three weeks remaining for it to win deals to slash debt and operating costs with the UAW and bondholders to avoid bankruptcy.
The other executives who also sold their GM holdings: Lutz’s successor, Thomas Stephens; GM North America President Troy Clarke; Chief Information Officer Ralph Szygenda; manufacturing chief Gary Cowger and head of European operations Carl-Peter Forster.
GM is headed for either a bankruptcy filing or an out-of- court restructuring that would wipe out current stockholders by flooding the market with new shares to pay off creditors.
Source: Automotive News