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| Friday, November 20, 2009 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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March 5, 2009 8:28 AM ET
(Reuters) — General Motors on Thursday said independent auditor Deloitte & Touche had raised “substantial doubt” about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash. The “going concern” warning from the struggling U.S. automaker had been expected, but underscored the stakes for GM as it seeks up to $30 billion in U.S. government aid to restructure outside a court-supervised bankruptcy process. GM had warned late last month that it expected its auditor firm would question its viability at the same time that it reported a loss of nearly $31 billion for 2008. The automaker faces an end of March deadline to complete concession talks with the United Auto Workers and bondholders to reduce its debt load as part of a bid to convince the autos task force assembled by U.S. President Barack Obama that it can be made viable with a new round of government help. “Our future is dependent on our ability to execute our viability plan,” GM said in its annual report filed with U.S. securities regulators. “If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. bankruptcy code,” it said. Some analysts have said that the “going concern” warning from GM’s auditors could risk cutting the credit available to its suppliers just as many of those smaller companies face a deepening cash crisis of their own.
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