Wednesday, July 23, 2008

gm & ford 'on the verge of bankruptcy'

gm & ford 'on the verge of bankruptcy'from bloomberg: General Motors Corp. and Ford Motor Co., the two biggest U.S. automakers, have about a 46 percent chance of default within five years, according to Edward Altman, a finance professor at New York University's Stern School of Business. "Both are in very serious shape and the markets reflect that," Altman, the creator of the Z-score mathematical formula that measures bankruptcy risk, said in an interview with Bloomberg Television. The model shows that these companies are "on the verge of bankruptcy," he said.

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