On Thursday, General Motors Corporation (GM) filed its Annual Report on Form 10-K with the Securities and Exchange Commission which notably included an opinion of its auditors on its financial statements in which the auditors stated that GM’s “recurring losses from operations, stockholders’ deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about its ability to continue as a going concern.” GM emphasized that its future was dependent upon its ability to carry out its long-term restructuring plan and that a failure to do so could potentially force the Company “to seek relief through a filing under the U.S. Bankruptcy Code.”

In a separate statement, GM noted that its auditor’s opinion had “no impact on the aggressive actions” it was taking to restructure it operations “for long-term viability.” Last month both Chrysler and GM submitted their long-term restructuring plans to Congress as required by the terms of the bail-out assistance provided by Treasury in December. GM’s long-term restructuring plans analyzed three potential bankruptcy scenarios, including a pre-solicited/pre-packaged Chapter 11 bankruptcy filing, a pre-negotiated cram-down bankruptcy plan, and a traditional Chapter 11 filing.

Also last week, GM announced its intention to purchase the global steering parts business of its former auto-parts subsidiary, Delphi Corp., while GM Europe, together with its largest European operation, Opel GmbH (Opel) based in Germany, announced that it had jointly submitted “a viability plan to the German government, requesting a total of €3.3 billion (approximately $4.15 billion) in government support, an additional €3 billion from GM itself, and $1.2 billion in structural cost reductions.”