Posted on 03/17/2006 5:46:14 AM PST by John W
DETROIT - General Motors Corp. is increasing its previously-reported loss for 2005 by $2 billion as the world’s largest auto maker gets a truer picture of the costs of bailing out its former parts-making unit and revamping its loss-riddled North American operations.
GM said in a release after the market close Thursday that it now estimates it lost about $10.6 billion last year from its earlier preliminary report of a loss of $8.6 billion.
It expects to increase the charge for its exposure relating to Delphi Corp.’s Chapter 11 bankruptcy case to $3.6 billion from the previous estimate of $2.3 billion. Additionally, GM will boost its North American restructuring charge to $1.7 billion from the previously reported $1.3 billion to cover higher expected costs for plants the company aims to close by the end of 2008.
GM also will recognize a previously reported goodwill impairment charge of $439 million at its finance arm, General Motors Acceptance Corp.
(Excerpt) Read more at msnbc.msn.com ...
General Motors Revises Increases 2005 Loss By $2 Billion
there.
I fixed it.
Amen, ugliest damn car ever built.
I'm soooo glad I sold my all my GM stock at the end of 2005 to give me a loss to offset gains I would have otherwise had to pay CG tax on. Ah, how the mighty are fallen. Thank the UAW.
When a company misses its loss figure by a margin of 2 billion dollars there is very little hope that it can recover.
I understand that in an organization such as GM, blame usually falls on the "weakest," but nonetheless the ass-covering and blood-spilling must've been humorous to observe.
The woman who designed the Aztec said the average person doesn't have good taste.
She's definitely average.
Chevrolet--family cars plus Corvette.
Cadillac--luxury cars (including the Escalade SUV's).
GMC Trucks--light trucks and SUV's.
God willing. Every time I rent a car, I end up with an Impala or a LaSabre. The GM cars are almost undriveable.
exactly. It should have been done years ago- too much overlap. Who's against that, the dealers?
Looks like a Chevette.
Were the GM accountants union workers?
I thought, "How can they expect people to drive something this ugly?"
Aztek: the Edsel for the SUV Age.
From a follow-up story at mid-day Friday:
On Friday, Moody’s Investors Service warned that it could downgrade the long-term credit ratings of GM, GMAC and ResCap.
“Moody’s believes that negative developments such as the filing delay could slow the progress of the sale process,” the ratings agency said.
Its shares fell 74 cents, or 3.3 percent, to $21.48 in late morning trading Friday on the New York Stock Exchange, where they have traded as low as $18.33 over the past 52 weeks. The latest decline trimmed $400 million from GM’s market capitalization to about $12.2 billion.
A good time to buy,
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