Wednesday October 12, 2005

Could GM go bankrupt?

This article belongs to the GM, Ford and Chrysler bankruptcy watch story arc.

news.yahoo.com, reuters.com :

The pressure is mounting on General Motors CEO Wagoner with its main auto parts supplier in bankruptcy, GM's share price near multiyear lows and its once-robust sales of gas-guzzling SUVs stalled. Among other problems, GM's September U.S. vehicle sales fell 24%, as high gasoline prices slammed the sales of giant sport utility vehicles. In more bad news, it said a bankruptcy filing by auto parts supplier Delphi Corp. could put it on the hook for as much as $11 billion in additional health-care, pension and life-insurance liabilities. Delphi's Chief Executive Steve Miller warned that a collapse of Delphi could "fatally wound" its former parent.

e-composites.com :

After Delphi's Chapter 11 filing, GM shares tumble 10% as one analyst sees a 30% chance the auto giant will also seek protection. A big question for the stock market today was whether General Motors would follow its one-time subsidiary Delphi into bankruptcy court. Standard & Poor's Corp. downgraded the company's credit rating to BB- from BB. GM has $284 billion in debt outstanding, S&P said.

See also :

1. Delphi Files for Bankruptcy
2. Ford, GM SUV sales nosedive
3. American automakers shift from bad to worse
4. GM, Ford debt cut to junk status

(2005-10-12 15:30:55 SGT) [Biz] Permalink

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