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Automotive News & Views Do You Favor A Government Loan To The Detroit 3?
3958 messages, Last post on Oct 02, 2009 at 4:52 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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No need for new loans...the inevitable is telling the Car Team to stop the bleeding. Will they listen? GM auditors raise doubts on automaker's viability GM auditors cite losses, lack of cash flow in raising doubts about its viability * Tom Krisher, AP Auto Writer * Thursday March 5, 2009, 6:37 am EST DETROIT (AP) -- General Motors Corp. says its auditors have raised substantial doubt about the company's ability to continue operations. The troubled automaker revealed the auditors' concerns in its annual report filed on Thursday. GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years. It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008. GM says in its report that its auditors cited recurring losses from operations, stockholders' deficit and an inability to generate enough cash to meet its obligations in raising substantial doubts about its ability to continue as a going concern. Regards, OW
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Replying to: explorerx4 (Mar 04, 2009 6:16 pm) |
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It's sort of like a death watch. Major news that 6 months ago would have gotten us all riled up is just routine now. We're all waiting to see what happens.
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Replying to: tlong (Mar 05, 2009 8:42 am) A sudden death is a big loss. A bed ridden death appears generally to be good riddance from all troubles. |
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That report from the GM auditors says that GM is "highly dependent on auto sales volume" Wow... I never would have realized that an automaker would be dependent on auto sales volume. 
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Replying to: pf_flyer (Mar 05, 2009 12:32 pm) Regards, OW |
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Replying to: pf_flyer (Mar 05, 2009 12:32 pm) No kidding, Captain Obvious!
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Just maybe Detroit should get a meeting with Kia to see what they're doing since 2009 sales for Kia have been a Pleasant Surprise Size would seem to be a big factor. GM is simply going to have to be scaled back to match production with demand. How that happens is the multi-billion dollar question.
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Replying to: lemko (Mar 05, 2009 1:09 pm) 
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Replying to: circlew (Mar 05, 2009 3:46 am) Not that it's a GOOD thing, either........
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