March 5th, 2009
08:25 AM ET
5 years ago

GM: 'Substantial doubt' about survival

Under the terms of federal loans GM has already requested, the Obama administration must determine the struggling automaker's long term viability.
Under the terms of federal loans GM has already requested, the Obama administration must determine the struggling automaker's long term viability.

NEW YORK (CNNMoney.com) - General Motors Corp. said in a government filing Thursday that its accounting firm has found there is "substantial doubt" about the automaker's ability to survive.

The embattled automaker made the disclosure in a 480-page filing with the Securities & Exchange Commission.

GM has sustained large and continuing losses, while saying it needs additional federal loans to remain in business. Thursday's statement from the company's auditors presents another hurdle the automaker will have to clear as it makes the case that it deserve additional taxpayer support going forward.

The Obama administration, under the terms of the $13.4 billion in federal loans GM has already requested, must determine that the company's plans make it viable in the long run.

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Filed under: Auto Bailout • Obama administration • TARP
soundoff (6 Responses)
  1. michael

    let gm go. kill it quick and move on

    March 5, 2009 11:33 am at 11:33 am |
  2. sick n tired of CNN moderators

    Hey CNN guess What? Your comment is awaiting moderation, Your comment is awaiting moderation, Your comment is awaiting moderation, Your comment is awaiting moderation. And furthermore, Your comment is awaiting moderation, Your comment is awaiting moderation. In closing; Your comment is awaiting moderation! I need to find a REAL news outlet! Instead of Censorship News Network!!!!!!!

    March 5, 2009 11:37 am at 11:37 am |
  3. 4 and No More

    Quck! Call Nancy Pelosi. She can fix it! We can't let this happen. The Democrats owe the UAW a lot and now they've got all the money they can print!

    March 5, 2009 11:49 am at 11:49 am |
  4. welcome back

    well then we should just keep giving them money, every last bit of it and then print some more, so that they can keep mismanaging money, floating the bloated unions and building cars that no one wants. thanks mr. president and congress for "saving" us all.

    March 5, 2009 11:53 am at 11:53 am |
  5. Kendall

    Government should have let them go bankrupt the first time, instead of bailing them out. All I see them doing is asking for money just to go bankrupt anyway, and pad thier pockets

    March 5, 2009 12:14 pm at 12:14 pm |
  6. Ravi

    The State of Michigan is solely responsible for this, therefore the State of Michigan should pay 100% of the cost of a bailout, should they want to bail this loser out.

    Respect the taxpayers of the Union. Don't use my tax dollars to pay for Michigan's failing companies.

    March 5, 2009 12:58 pm at 12:58 pm |

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