GM Stock Prices Tumble

By: Associated Press
By: Associated Press

Shares of General Motors have tumbled to their lowest level since 1933 as investors fear significant dilution of their stock values or bankruptcy as the company approached a June 1 restructuring deadline.

GM shares dropped to $1.09 in early trading Tuesday, the lowest level since April 28, 1933. By midmorning they had rebounded to $1.15, still down 29 cents, or 20.1 percent.

That's according to the Center for Research in Security Prices at the University of Chicago.

GM has received $15.4 billion in federal loans and is a little more than two weeks away from a government-imposed deadline to finish a restructuring plan or be sent into Chapter 11 bankruptcy protection.

In addition, GM said Monday in a regulatory filing that six top executives sold more than 200,000 company shares on Friday and Monday.

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