"Grim," that the word being used when describing the General's financial situation. If they stay on the current path, they could run short of cash next month--and that's even with government aid.
"Even if GM is able to secure immediate U.S. government support, we believe that GM's predicament has the potential to set in motion a sequence of events that would be bankruptcy-like," said Deutsche Bank analyst Rod Lache, who lowered his rating on GM shares to "sell" from "hold."
Here's Inside Line's take: GM Loses $4.2 Billion in 3Q; Running Near Empty Cashwise
estreka says:
06:52 AM, 11/11/08
They need a buyer for Hummer ASAP. Even so, the cash received for it will be a drop in the hat compared to how much cash they'll need next year.
It's a shame Detroit didn't fix their portfolio 10 years ago instead of the past 3 years. It's ironic that the thing that's hurting GM is the exact thing they dismissed a decade ago.
I could see a documentary now: "How the Electric Car Killed GM"
ateixeira says:
11:23 AM, 11/12/08
Sell Hummer, then Saab.