Thursday, March 5, 2009

Auditors Doubt GM Can Survive

General Motors Corp.'s auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations, and the company said it may have to seek bankruptcy protection if it can't execute a huge restructuring plan.




The automaker revealed the concerns Thursday in an annual report filed with the U.S. Securities and Exchange Commission.




"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 the report.

2 comments:

Conservative Scalawag March 5, 2009 at 6:12 PM  

Let it fail, no company is too big to fail,but we are too poor to keep paying for it.

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