Things keep getting more glum for battered auto industry giant General Motors, which said today in a Securities and Exchange Commission filing that there is "substantial doubt" about the company's ability to survive.
The Detroit News reports on the SEC filing, in which an independent audit done by GM's accounting firm found "our recurring losses from operations, stockholders' deficit and inability to generate sufficient cash flow to meet our obligations and sustain our operations raise substantial doubt about our ability to continue as a going concern."
You can see the filing here.
GM has lost about $82 billion in recent years and is eliminating 47,000 jobs this year, shuttering 14 plants by 2012 and unloading the Saturn, Hummer, Pontiac and Saab brands.