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GM's Wagoner sounds alarm

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General Motors chief executive Rick Wagoner says the automaker would end up being liquidated if it enters bankruptcy protection.

Wagoner says restructuring out of court would accomplish 99% of what could be achieved in bankruptcy. But he says it wouldn't have the risk of scaring away customers or the huge expense of bankruptcy.

Wagoner made the statements Tuesday at a breakfast in Washington, DC, sponsored by the Christian Science Monitor.

General Motors Corp. has received $13.4 billion in federal loans and is seeking another $16.6 billion. The company faces a March 31 deadline
to finish its viability plan and show the government it's worthy of the money.

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