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Falling Tree - USA - Wall Street bets against GM
Some analysts fear restructuring can't keep company from sliding into bankruptcy as stock hits 13-year low.
They'e saying General Motors will have to seek bankruptcy protection within two years
DETROIT,Mich,USA -The Detroit News, by Brett Clanton -Nov 11, 2005: -- Wall Street's confidence that General Motors Corp. Chairman and CEO Rick Wagoner can restore the company and avoid bankruptcy down the road is evaporating -- quickly... GM shares slid 4.5 percent Thursday to their lowest level since October 1992... In the filing, GM said its 2001 earnings were overstated by about $300 million to $400 million, but the final amount hasn't been determined. The automaker said the overstatement was related to how it booked certain supplier credits... GM plans to issue the restated earnings for 2001 and any subsequent years, along with updated second-quarter figures before it issues its 2005 report next year... Also on Thursday, GM's hourly UAW workers were wrapping up voting on the new plan for health care costs. The UAW said it expects to announce the results today. Several UAW locals already have approved the deal, which will increase out-of-pocket health costs for retirees. The deal also would require GM hourly workers to contribute $1 per hour in future pay increases...
posted by Unknown @ 10:12 AM
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