GM says it's not thinking of bankruptcy

DETROIT, Oct. 10 (UPI) -- General Motors' stocks hit a half-century low but the company said Friday that filing for bankruptcy protection was not an option.

GM shares fell 31 percent to $4.76 Thursday, the lowest company share price since the 1950s, CNNMoney.com reported .

"Clearly we face unprecedented challenges related to uncertainties in the financial markets globally and weakening economic fundamentals in many key markets, but bankruptcy protection is not an option GM is considering," a company statement said.

"Bankruptcy would not be in the interest of our employees, stockholders, suppliers or customers, and we believe speculation about a possible filing is exaggerated and unconstructive."