A month ago I thought it was a greater than 50 chance they would strike a deal. Now I'm not so positive.
More Quotes from Shelly Lombard:
It doesn't sound like the UAW is in the mood to be accommodating. So it looks like GM isn't going to get any more relief on the cost side until 2007. If they don't get it then, this is going to be an ugly situation.Shelly Lombard
Today's announcement didn't do anything to calm my fears. They are probably still negotiating with their banks, but I can't believe the only issue is the credit rating. Deals don't blow up over ratings. Banks care about operating results.
Shelly Lombard
I think the banks will make the revolver available if they get collateral. Collateral covers a multitude of sins.
Shelly Lombard
This tells us what we already know, that this is a company in deep trouble. Their GM business is falling away so fast that their non-GM growth cannot compensate for that.
Shelly Lombard
The market has priced out near-term bankruptcy risk. But the company still has industry risk, execution risk and turnaround risk.
Shelly Lombard
So far they haven't been able to see a strong sense of urgency. It's a little here and a little there. It's not the sweeping kind of change that this company needs.
Shelly Lombard
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