Auditors for the company have warned there is "substantial doubt" about its ability to stay in business if it fails to stop its losses. "Our future is dependent on our ability to execute our viability plan," GM said in its annual report to US securities regulators.
"If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the US bankruptcy code."
GM warned late last month that it expected auditors Deloitte & Touche to question its viability after it reported a loss of nearly £22bn for 2008.
The car maker is seeking up to £21bn from the US government in order to restructure.
"If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the US bankruptcy code."
GM warned late last month that it expected auditors Deloitte & Touche to question its viability after it reported a loss of nearly £22bn for 2008.
The car maker is seeking up to £21bn from the US government in order to restructure.
More than half a century ago, then-General Motors President Charles Wilson was misquoted as having said, “What’s good for General Motors is good for the country.” That quote came to epitomize the auto giant’s arrogance.
Now, the giant automaker is seemingly spinning out of control. On Monday, GM’s management team was shuffled, presumably in response to the threat from Standard & Poor's to downgrade its debt to “junk bond” status. On Tuesday, Moody's downgraded GM's bonds to one step above junk. With a powerful blue chip company on the ropes, it might be worth a moment to see what their corporate culture of arrogance has wrought. On Sunday, the GOP was on all the talk shows asking for it's bankruptcy and the end of the UAW.
By the time Wilson made his infamous declaration, the company was a dominant political force. It had already led a successful effort to destroy the streetcar system in America’s cities in order to force people to buy cars, rather than take public transportation. GM later spent decades battling efforts to reduce tailpipe pollution emissions that caused public health problems throughout the nation. ...
Don't much care about GM, my Dad was a Ford Man.
I grew up driving Fords... then I bought a Volvo,
then Ford bought Volvo... would have bought another Explorer, but Ford screwed up the basic design of the Explorer. Still mean to test drive the FLEX, but the way things are going I might as wait.
Now I still drive the Ford X with over a quarter of a million miles on the one Mom named "SUE" and a Scion Bx with only 100,000 miles on it that Mom picked out a couple of years before she died as "one you should look at."
Mom had an eye for cars. Dad had an eye for Mom.
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