After receiving $13.4 billion from the Federal Government (in loans) General Motors is still considering possible Chapter 11 bankruptcy. General Motors is now seeking $30 billion from the government to save it from Chapter 11. However, over the last three years GM has increased its losses to an wooping $82 billion.

GM’s $82 billion in debt comes from recurring losses from operation, stockholders’ deficit, and cash flow matters. Currently GM shares have fallen 18%.

GM has until March 31, 2009 to produce a restructuring plan. This restructuring plan is reported to include laying off 47K workers, along with closing 5 U.S. plants.

General Motors Official Statement of the Forthcoming Chapter 11 Bankruptcy — “If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code.”

For more information go to GM Auditors Raise the Specter of Chapter 11

To see GM’s current stock stats go to GM Stock Quote

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