GM CEO says speculation of bankruptcy "inaccurate"

DETROIT (Reuters) - General Motors Corp GM.N Chief Executive Rick Wagoner on Thursday said speculation that the top U.S. automaker was potentially a candidate for a bankruptcy filing was "inaccurate."

Wagoner, who was speaking to reporters in remarks broadcast by business network CNBC, said GM had no plans to eliminate any brands beyond its Hummer SUV line. He also said GM could cut truck production more deeply if the U.S. market shifted farther toward passenger cars.

"We don't have plans to eliminate any more brands," Wagoner said.

GM shares fell to a new 54-year low of $9.42 on Thursday. Last week, Merrill Lynch warned that a bankruptcy filing by the automaker was "not impossible" because of continued projected losses.

GM has retained Citibank to review its options for the military-derived Hummer brand and analysts have speculated that it could be forced to pare down its remaining seven auto brands, including potentially Saab and Saturn.

But Wagoner, who was speaking to reporters in Dallas, said no other GM brands were up for review.

"We did take the actions we did on Hummer because of what I think had been a pretty dramatic change in circumstances," he said. "Our focus on all of our brands is what can we do to make them more profitable."

Wagoner, who said he had met recently with GM dealers, said talk of a potential bankruptcy was not "helpful" for the automaker's sales efforts and could not go unchallenged.

"It would be great if we had less speculation along the lines that we think is inaccurate," Wagoner said.

Analysts have said GM needs to raise between $10 billion and $15 billion to shore up its liquidity because of the continued slump in U.S. sales, particularly for bigger trucks and SUVs.

Wagoner said in an email message to managers that was sent at the end of June that GM was working on steps to cut costs further and to shore up its cash position.

(Editing by Carol Bishopric)