General Motors says its auditors have raised 'substantial doubt' about its ability to survive outside bankruptcy if it fails to stem its losses and stop burning cash.
The warning from the struggling US car maker had been expected, but it underlined the stakes for GM as it seeks up to $30 billion in US government aid to restructure outside a court-supervised bankruptcy process.
GM had warned late last month that it expected its auditors would question its viability at the same time that it reported a loss of nearly $31 billion for 2008.
The car maker faces an end of March deadline to complete talks with the United Auto Workers union and bondholders to reduce its debt load as part of a bid to convince a task force assembled by US President Barack Obama that it can be made viable with a new round of government help.
Some analysts have said that the 'going concern' warning from GM's auditors could risk cutting the credit available to its suppliers just as many of those smaller companies face a deepening cash crisis of their own.
