Mar 5th, 2009 by Liz Opsitnik
GM’s auditors have raised substantial doubt that the automaker can continue operations, and the company said it may have to seek bankruptcy protection if it can’t implement a huge restructuring plan, the AP reports.
“The corporation’s recurring losses from operations, stockholders’ deficit and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern,” auditors for the accounting firm Deloitte & Touche LLP wrote in an annual report filed with the U.S. Securities and Exchange Commission.
GM’s auditors are basically announcing something we all already knew. The automaker is struggling. Car sales are down. Consumer car loans are reportedly harder to get. GM told the government it was hanging on by a thread at the end of last year, when it asked for a bridge loan.
GM has received $13.4 billion in federal loans so far and asked for a total of $30 billion in government loans. The Detroit Big Three have repeatedly said that if one automaker goes under, they all will. How long will GM be able to survive?
Will CEO Rick Wagoner be able to keep GM alive?
Image via ceoworld.biz.
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