One more unimaginable thing is happening. GM may file for bankruptcy if the bailout fails. GM’s auditors have raised “substantial doubt” about the troubled automaker’s ability to continue operations, and the company said it may have to seek bankruptcy protection if it can’t execute a huge restructuring plan. GM revealed the concerns in a filing to SEC.

“The corporation’s recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern,” auditors for the accounting firm Deloitte & Touche LLP wrote in the report.

More details are here. I hope that union workers understand the severity of the issue and work with the management to save the company.