General Motors might be staring at Davy Jones’ Corporate Locker but execs are intent on keeping their ship afloat. America’s largest automaker made a statement last week that bankruptcy will not be an option for them. Quite a bold statement given the company’s bleak standing.

Market experts have been saying that it is only a matter of time before General Motors files for bankruptcy but GM countered these by releasing a statement indicating that they would not. The statement says:

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

After suffering from diminishing stock value and sales slumps for the good part of the year, GM is not only valued at less than $3 billion, with shares at around $4.75. They started with stocks valued at more than $10 each.