New blow for GM: Auditors qualify their report

What’s the difference between an accountant and an auditor?
Accountants fight the battles. Auditors come through afterwards and bayonet the wounded.
The latest horseman in GM’s own corporate apocalypse has arrived in the form of a qualified audit report, stating that GM may not be able to continue as a going concern.
This is official recognition of the company’s inability to pay its bills. And with a deadline looming at the end of this month where GM are supposed to stand before the US Congress (again) and say with a straight face that they are a going concern, one that will be able to repay its loans – this is a major hiccup.
This could be the tipping point, people.
The only question that remains is how it could effect Saab’s negotiations with potential buyers. Saab will have longstanding relations with GM even after they’re sold and a buyer is going to want to know that their supply chain will still be around.
This story has just broken as I’m about to hit the pillows.
You might have to make your own news once again if this develops a bit more overnight.
Comments are open.