This just in… a new possible contender for FT Alphaville’s coveted and hotly contested Worst Company in the World epithet. From the FT:
General Motors on Thursday reported a larger-than-expected $9.6bn net loss for the fourth quarter, bringing its full-year net loss to $30.9bn and casting doubt on its ability to remain a going concern.
Yes, you read that final phrase correctly. The very last par of the GM statement:
Finally, GM anticipates receiving a “going concern” opinion from its auditors in the 2008 10-K. GM and its auditors must determine whether there is substantial doubt about GM’s ability to continue as a going concern. GM’s Viability Plan filed with the UST on Feb. 17, 2009, included a request for additional funding from the UST, as well as support from other governments outside of the U.S. GM requires this funding in 2009 to continue operations until global automotive sales recover and its restructuring actions generate benefits, resulting in the company being able to fund its own operating requirements.
