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Big Troubles - USA - GM can't shake Wall Street's bankruptcy fears
Credit agency lowers automaker's debt rating further, citing concerns over financial lossesDetroit,Mich,USA -The Detroit News, by Brett Clanton -Dec 13, 2005: -- Saying a bankruptcy by General Motors Corp. is no longer "far-fetched," a key Wall Street ratings firm on Monday downgraded GM's debt further into junk territory... The move by Standard & Poor's reflects concern about GM's ability to repay its debt amid growing financial losses and skepticism about the automaker's turnaround prospects... While GM faces many risks, a $19 billion cash hoard should help the company stave off major bankruptcy threats for at least a few months, said Shelly Lombard, a bond analyst with Gimme Credit Publications in New York... "But out past six to nine months," she said, "it starts to get real fuzzy for this company."...
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