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DATE News (chronologically)
03/05/09
automotive
GM auditors doubt company can survive
General Motors Corp. says there is "substantial doubt" about the company's viability and that bankruptcy is possible unless it can implement a broad restructuring plan, according to a regulatory filing today.

An independent audit done by GM's accounting firm found "our recurring losses from operations, stockholders' deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern," GM wrote in its annual report filed this morning.

The report says GM's ability to survive largely hinges on a rebound in vehicle sales. U.S. vehicle sales have fallen 40 percent from the peak in 2007 and global sales have fallen 23.5 percent since January 2008. General Motors Corp. says there is "substantial doubt" about the company's viability and that bankruptcy is possible unless it can implement a broad restructuring plan, according to a regulatory filing today.

An independent audit done by GM's accounting firm found "our recurring losses from operations, stockholders' deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern," GM wrote in its annual report filed this morning.  Detroit News

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