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(单词翻译:双击或拖选)
A new report casts doubt on the viability1 of America's biggest carmaker, General Motors, despite costly2 government attempts to rescue the domestic automobile3 industry.
Cleaning staff rests next to the signs of carmakers Opel, above, and GM, General Motors, as preparations are underway for the Geneva Motor Show in Geneva,02 Mar5 2009
Since late last year, the federal government has lent tens of billions of dollars to carmakers in return for promises of an aggressive effort to trim costs, restructure operations, and lay the foundation for an eventual6 return to profitability. But now those plans appear to be in peril7.
Auditors8 for General Motors say they have "substantial doubt" the corporation can continue operations, citing massive losses and insufficient9 cash flows among a long list of concerns.
"I think everybody knows this company, as well as Chrysler, are on the brink10 of disaster," said John McElroy, auto4 industry analyst11. "It may well be that this means GM has taken a big step towards Chapter 11."
Part of the U.S. bankruptcy12 code, Chapter 11 allows a failing business to continue operations while restructuring and negotiating with lenders.
General Motors lost more than $30 billion last year, and a total of more than $80 billion over the last three years. GM has received $13 billion in emergency federal loans in recent months and hopes to obtain billions more. It has until the end of the month to secure concessions13 from debtors14 as well as the United Autoworkers Union in order to be eligible15 for further government aid. Last month, the company announced a plan to eliminate tens of thousands of jobs and close several factories. GM says failure to achieve significant cost savings16 would force it into bankruptcy.
Automobile industry officials say they worry that filing for bankruptcy would drive away customers. Millions of American jobs are tied directly or indirectly17 to the car industry.
But some question whether GM can survive no matter what it does, given the current economic climate.
"We have to see some sort of [economic] stabilization," said Keith Crain, who publishes Automotive News trade magazine. "Once that happens, then I think companies like GM and Chrysler can get their costs in line. But as long as there continues to be a free fall, GM is at grave risk."
If automakers are hoping for a quick economic rebound18 to boost their chances of survival, the latest numbers do not look promising19. More than 600,000 Americans filed for unemployment benefits last week, bringing the total number of people on the jobless rolls to 6.5 million, more than double the number that existed a year ago.
"These are the worst set of numbers since the fall of 1982. They will get better, probably by the end of this year, but in the meantime they are going to get a lot worse," said Nariman Behravesh, Global Insight chief economist20.
The deep economic recession is believed to have been caused, in part, by a severe credit crunch21 precipitated22 by a rash of home foreclosures in the United States. The Mortgage Bankers Association reports that more than 10 percent of American mortgage holders23 were either late in payments or in foreclosure at the end of last year.
Separately, U.S. factory orders as well as retail24 sales fell last month.
1 viability | |
n.存活(能力) | |
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2 costly | |
adj.昂贵的,价值高的,豪华的 | |
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3 automobile | |
n.汽车,机动车 | |
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4 auto | |
n.(=automobile)(口语)汽车 | |
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5 mar | |
vt.破坏,毁坏,弄糟 | |
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6 eventual | |
adj.最后的,结局的,最终的 | |
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7 peril | |
n.(严重的)危险;危险的事物 | |
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8 auditors | |
n.审计员,稽核员( auditor的名词复数 );(大学课程的)旁听生 | |
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9 insufficient | |
adj.(for,of)不足的,不够的 | |
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10 brink | |
n.(悬崖、河流等的)边缘,边沿 | |
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11 analyst | |
n.分析家,化验员;心理分析学家 | |
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12 bankruptcy | |
n.破产;无偿付能力 | |
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13 concessions | |
n.(尤指由政府或雇主给予的)特许权( concession的名词复数 );承认;减价;(在某地的)特许经营权 | |
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14 debtors | |
n.债务人,借方( debtor的名词复数 ) | |
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15 eligible | |
adj.有条件被选中的;(尤指婚姻等)合适(意)的 | |
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16 savings | |
n.存款,储蓄 | |
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17 indirectly | |
adv.间接地,不直接了当地 | |
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18 rebound | |
v.弹回;n.弹回,跳回 | |
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19 promising | |
adj.有希望的,有前途的 | |
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20 economist | |
n.经济学家,经济专家,节俭的人 | |
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21 crunch | |
n.关键时刻;艰难局面;v.发出碎裂声 | |
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22 precipitated | |
v.(突如其来地)使发生( precipitate的过去式和过去分词 );促成;猛然摔下;使沉淀 | |
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23 holders | |
支持物( holder的名词复数 ); 持有者; (支票等)持有人; 支托(或握持)…之物 | |
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24 retail | |
v./n.零售;adv.以零售价格 | |
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