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Author Topic: GM warns it may be forced into bankruptcy  (Read 1504 times)

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Offline thundley4

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GM warns it may be forced into bankruptcy
« on: March 05, 2009, 07:29:22 AM »
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DETROIT (Reuters) – General Motors Corp on Thursday said its auditors had raised "substantial doubt" about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.
The "going concern" warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process.
GM had warned late last month that it expected its auditors would question its viability at the same time that it reported a loss of nearly $31 billion for 2008.
The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by U.S. President Barack Obama that it can be made viable with a new round of government help.
"Our future is dependent on our ability to execute our viability plan," GM said in its annual report filed with U.S. securities regulators.
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After soaking the tax payers for billions, now they say it may not have helped? WTF?  Let them fail and take the loss. They won't be viable without HUGE concessions from the unions and their suppliers which are also unionized.
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Offline NHSparky

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Re: GM warns it may be forced into bankruptcy
« Reply #1 on: March 05, 2009, 08:05:43 AM »
Dear GM--thanks for making me foot the bill for your ineptitude.

Asshats.
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Offline Rebel

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Re: GM warns it may be forced into bankruptcy
« Reply #2 on: March 05, 2009, 08:21:48 AM »
What, 40 billion dollars later they're telling us they'll be filing for exactly what we said they should have filed in the first place?
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Offline DumbAss Tanker

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Re: GM warns it may be forced into bankruptcy
« Reply #3 on: March 05, 2009, 09:44:21 AM »
Oh, I'm sure they can turn it around with just another $10 (XTimes 4 billion!).

 :lmao:
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Offline Chris_

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Re: GM warns it may be forced into bankruptcy
« Reply #4 on: March 05, 2009, 11:34:36 AM »
Just another reason why I will never own another GM product.
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Offline thundley4

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Re: GM warns it may be forced into bankruptcy
« Reply #5 on: March 05, 2009, 12:01:52 PM »
Quote from: lug-nut on March 05, 2009, 11:34:36 AM
Just another reason why I will never own another GM product.
Their stock is a bargain right now.   :fuelfire:
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Offline Chris_

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Re: GM warns it may be forced into bankruptcy
« Reply #6 on: March 05, 2009, 12:05:55 PM »
Quote from: thundley4 on March 05, 2009, 12:01:52 PM
Their stock is a bargain right now.   :fuelfire:
...so it t.p. at Walmart...and good for the same purpose.
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