The News Review:
- GM Auditors Raise Doubt n Auto Maker’s Viability
- CRRECTS:Ford CE: Restructuring Participation Up To Bondholders
- Mass. other states seek freedom on auto emissions
GM Auditors Raise Doubt n Auto Maker’s Viability
CNNMoney.com
‘s (GM) auditors cast doubt Thursday on the auto maker’sability to survive without more U. government loans in a forebodingconfirmation of its financial plight. GM’s continuing losses negative net worth and an inability to generate cashfor continued operations across its global operations led auditors to determinethere is substantial doubt that it can remain a going concern. The warning was contained in GM’s delayed 10K filing with the Securities andExchange Commission and the statement forced GM to seek waivers from lenders.
CRRECTS:Ford CE: Restructuring Participation Up To Bondholders
CNNMoney.com
” Mulally’s comments come one day after Ford announced it will seek to retire upto $10. 4 billion in debt or 40% of the car maker’s total as it moves tofurther cut costs. The auto maker plans to use a combination of stock and cashlargely from its financing arm to pay investors who turn in their debt. TotalFord debt stood at $25. 8 billion at the end of 2008. “We are advising bondholders to hold out” said KDP Investments AdvisorsInc.
Mass. other states seek freedom on auto emissions
Boston Globe
“Since the EPA will ultimately have to set federal standards at least as strict as those already set by California the debate about whether there should be one set of national standards is in the end much ado about nothing” Coakley said in a statement. “We are urging the agency to grant the California waiver while it proceeds to put federal standards in place that will establish national standards at least as strict. In its comments to the EPA Coakley said her office is focusing on one policy issue: whether there should be only one set of nationwide auto emissions standards to address arguments from the auto industry that a single set of standards is necessary to help the battered industry. The comments say that the EPA can achieve the automakers’ goal of having national standards by adopting ones at least as strict as those set by California. Coakley also urges the EPA not to undermine states’ authority to adopt stricter standards arguing that the current rules have “driven technological and regulatory innovation and economic and environmental progress.
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