General Motors

(GM) - Get Report

says its position has not changed: It remains strongly opposed to a bankruptcy filing.

The company sought to rebut a story in Friday's

Wall Street Journal

suggesting that top GM executives have changed their position and are now open to a speedy bankruptcy for which the government would provide financing.

No way, says GM. "Contrary to today's story in

The Wall Street Journal

, GM has not changed its position on bankruptcy," the company said in a press release.

Two days of bankruptcy speculation has pummeled GM shares. Shares were trading Friday afternoon at $1.43, down 43 cents.

GM shares closed Wednesday at $2. But on Thursday, in a regulatory filing, the company said that its auditor has raised "substantial doubt" about its ability to continue as a going concern. The


story appeared on Friday before the market opened.

It now seems certain that for the first time in decades, GM shares will close lower than


(F) - Get Report

shares. Ford was trading Friday afternoon at $1.76, down 5 cents.

In its response to the


story, GM said that "restructuring the business out of court remains the best solution for GM and its constituents" and that it is following "a clearly-defined plan to restructure its business and restore GM to long-term viability.

"As a prudent business measure, the company has analyzed various bankruptcy scenarios," GM said. "However, the company firmly believes an in-court restructuring would carry with it tremendous costs and risks, the most significant being a dramatic deterioration of revenue due to lost sales."

In the


story, a source maintained that after months of research, including analysis done by top bankruptcy advisers, GM has determined it could emerge from a prepackaged bankruptcy, under which various constituents -- unions, suppliers and bondholders -- would agree in advance to concessions.

Top GM executives have pushed aside "earlier concern that such a move would scare away so many customers the company wouldn't survive," a source told the


. The newspaper concluded that GM appears to have moved closer to the possibility of filing, given the change in its thinking combined with the disclosure Thursday.