May 11 (Bloomberg) -- General Motors Corp. reported that six executives sold shares in the company, as the largest U.S. automaker said it=92s more probable than previously thought that it will need to file for bankruptcy.
Vice Chairman Bob Lutz and North America President Troy Clarke sold all their holdings in the Detroit-based company, according to regulatory filings today.
The sales were in a window when such transactions are allowed, following the company=92s quarterly earnings report on May 7, said Julie Gibson, a spokeswoman. The period may be the last for the executives before the government-imposed June 1 deadline for GM to restructure or file for bankruptcy, she said.
Chief Executive Officer Fritz Henderson made the comment about the probability of bankruptcy on a conference call today. He declined to specify its likelihood. Henderson also had said bankruptcy was =93more probable=94 on March 30, after former CEO Rick Wagoner was ousted by the Obama administration, and made the same point in a conference call two weeks ago.
=93It should be clear now where they=92re headed,=94 said Mirko Mikelic, wh= o helps manage $19 billion, not including GM shares, at Fifth Third Asset Management in Grand Rapids, Michigan. =93There are too many competing interests. They=92re definitely going there. Everyone is positioning for bankruptcy now.=94