GM auditors raise the specter of Chapter 11 - News, Weather, Sports, Toledo, OH

GM auditors raise the specter of Chapter 11

DETROIT (AP) - General Motors' auditors have raised "substantial doubt" about the troubled automaker's ability to continue operations.

The company says it may have to seek bankruptcy protection if it can't execute a huge restructuring plan. The automaker revealed the concerns today in an annual report filed with the U.S. Securities and Exchange Commission.

Auditors for Deloitte & Touche LLP wrote about GM that there is "substantial doubt about its ability to continue as a going concern." The accounting firm noted GM's recurring losses from operations and inability to generate sufficient cash flow.

GM has received $13.4 billion in federal loans as it tries to survive the worst auto sales climate in 27 years.

It is seeking a total of $30 billion from the government. During the past three years it has piled up $82 billion in losses, including $30.9 billion in 2008.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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