Despite all the government assistance and talk of providing more, GM lost $6 billion last quarter with earnings dropping by 47%.
GM executives say car buyers are turning away from GM out of concern the company will end up in bankruptcy and wonâ€™t honor its warranties. Could the prospect of bankruptcy help force bankruptcy? To put it dramatically, is GM in a death spiral?
The company has until June to provide the government a restructuring plan. But another quarter like this past one is going to make Americans extremely wary of handing out yet another bailout.
This entry was posted on Thursday, May 7th, 2009 and is filed under Bailouts, Business, Cars. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.