Date registered: Jan 2005
Vehicle: 2006 ML350
Location: Chicago, IL
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GM bankruptcy not 'far-fetched'
Maybe some needs to rename their id to GMISBANKRUPT..
NEW YORK (Reuters) - A bankruptcy by General Motors Corp. is not a "far-fetched possibility" if current trends at the world's largest automaker persist, Standard & Poor's analyst Scott Sprinzen said Monday.
Speaking on a conference call after downgrading GM's ratings deep into speculative territory, Sprinzen said the rating agency felt it needed to be very direct about the risks its rating reflects.
Earlier on Monday, S&P cut its ratings on GM by two notches to "B," five notches below investment grade, from "BB-minus." The rating agency warned in its rating statement that GM may eventually need to restructure its debt if recent trends do not improve.
Shares of GM edged higher to close at $23.05 in regular trade on the New York Stock Exchange, but sank 1.6 percent in after hours trading.
2006 ML 350 - Black, Appearance Package, Navigation System, Entertainment Package, Sunroof Package, Heated Seats, IPod Integration