 GM is months away from bankruptcy. EDIT : Files for Chapter 11
The articles from reputed news magazines speak for themselves. Quote: |
With just $16.2bn left in the bank, and about $12bn of that needed as a cushion to fund its day-to-day operations, a day of reckoning is now within sight.
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GM didn't attempt to hide that fact. "Even if GM implements the planned operating actions that are substantially within its control, its estimated liquidity during the remainder of 2008 will approach the minimum amount necessary to operate its business," it said.
| Source: The Independant. Quote: |
'I Didn't Think This Day Would Ever Come.' GM Workers Live In Fear As Company Hints It Could Go Broke
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"General Motors warns it could run out of money by next year."
| Source: CityNews, Canada. Quote: |
General Motors warned Friday that it may run out of money by the end of the year
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GM has said it could fall short of cash needed to operate in the first few months of next year, and Ford has said it has about seven months of money
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If GM files for bankruptcy, there is "a very high risk" that it would pull in Ford and Chrysler, too, because GM probably would be forced to discount vehicles deeply to generate cash for creditors, and other automakers would be forced to follow.
| Source: Insidebayarea website.
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Last edited by amit : 9th November 2008 at 16:59.
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