DETROIT (AP) " General Motors drew closer to bankruptcy Thursday, acknowledging that its revenue fell by nearly half as car buyers worldwide steered away from showrooms for fear that the auto giant would not be around to honor warranties.
The company lost $6 billion in the first three months of the year.
GM is living on $15.4 billion in federal loans and faces a June 1 government deadline to finish a restructuring plan or join Chrysler in Chapter 11 bankruptcy reorganization. The company would prefer to restructure out of court, but even its own executives say the obstacles are formidable.