Standard and Poor’s Warns of Possible Bankruptcy for Ford, GM, Chrysler
Standard & Poor’s today warned that General Motors, Ford Motor Co., and Chrysler LLC could be headed for bankruptcy protection.
S&P analyst Robert Schulz told Bloomberg today that “macro factors could overwhelm them at some point.” Schulz said operating-cash needs at GM, Ford and Chrysler are “substantial, so if it looked like they were going to be pushing toward that number because of these operating losses and cash usage, that’s sort of the point where they’d have to consider” bankruptcy.
GM said “bankruptcy is not an option GM is considering.”
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