Where have I heard this before:

Oakland City Council members may have privately bandied
about the possibility of the city filing for bankruptcy, an unusually rare
event in U.S. history. But none says it's likely, and Mayor Ron Dellums virtually
ruled it out Tuesday.

"Bankruptcy is not a strategy that has been seriously
considered, nor is it being pursued at this point," he said in a statement.

Full story here.  At least the mayor qualifies his answer, unlike GM's prior management.