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.
More Quotes from 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
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
It's just the wrong product at the wrong time.
Shelly Lombard
If the situation is coming apart quicker than expected, you can blame it on liquidity and management's inability to communicate and tell a good story.
Shelly Lombard
They went from turnaround to bankruptcy in a very short time, and you have to ask yourself how did this happen.
Shelly Lombard
I think the banks will make the revolver available if they get collateral. Collateral covers a multitude of sins.
Shelly Lombard
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The more dynamic the capitalistic expansion, the greater the disparity. It is from the disparity that we are going to get all the political upheaval for the next few years.
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Tom Wopat