GM Statement Regarding Auditor's 'Going Concern' Opinion Included in the Company's 2008 10-K Filing

Image via Wikipedia

Auditors are required to assess whether there is substantial doubt about an entity's ability to continue as a going concern over the next year. Given GM's public statements on our liquidity position dating back to the end of 2008 and more fully disclosed in our February 17 viability plan submission, the opinion rendered in our 10-K was not unexpected.

That opinion is dependent on a number of factors including our ability to execute our viability plan, compliance with our U.S. Treasury loans, volume recovery of the industry, and access to additional funding from the U.S. and certain other governments. Once global automotive sales recover and GM’s restructuring actions generate the anticipated savings and benefits, the company is expected to again be able to fund its own operating requirements.

The auditor’s opinion has no impact on the aggressive actions we are taking to restructure our business for long-term viability.