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A qualified going concern audit letter like this is only issued by the auditors when the company is in extreme financial distress and it is likely that it may file for bankruptcy protection. [ 78 ] March 12, 2009: GM's CFO Ray Young said that it would not need the requested $2B (~$2.76 billion in 2023) in March noting that the cost-cutting ...
Under Project 2000, GM would eliminate or relocate dealerships, and also focused on establishing multi-brand locations, selling Buick, Pontiac and GMC vehicles or Cadillac, Hummer and Saab vehicles. The program was controversial with dealers, many who didn't want to close their dealership or sell their franchise rights.
The alternative, Chapter 7 bankruptcy, is used to shut down and liquidate an enterprise and sell off the pieces, with the proceeds going to the debt holders. Under both types of bankruptcy, the shareholders typically lose their investment and debt holders obtain control of the corporation.
General Motors' (GM) hot stock has sprung a leak after its latest earnings report on Tuesday. Shares of the auto giant fell as much as 11% on Tuesday and closed down 9%. It marked the worst day ...
General Motors (GM) most likely has just a few days before it files for bankruptcy, marking the final death gasps of a company that once controlled 50 percent of the North American vehicle market ...
The government-backed rescue of the American auto industry gained the support of 37% of Americans in 2009 according to a CNN/Opinion Research Corporation poll, and it gained the support of 56% of Americans in 2012 according to a Pew Research Center poll. [66] Chrysler was forced into bankruptcy in April 2009 and GM in May. [67] [68]
“America is going bankrupt btw,” Musk wrote in a recent post on the social media platform X. He was responding to a post by Billy Markus, the creator of Dogecoin. He was responding to a post ...
Checker was the eighth-largest American auto supplier to go bankrupt in recent years. GM and Chrysler followed Checker's bankruptcy just several months later. In February, Checker asked the U.S. Bankruptcy Court for Western Michigan to reject its contract with 125 union workers and eliminate health care and pension benefits for 176 union retirees.