GAC is running out of money. But leadership still likes Its big bonuses and don't want to take a pay cut. More layoffs to come in Nov Dec time
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Well they have taken on about 10 billion in debt the last few years. I think their debt/equity ratio is 130% which is very high
Interest rates are near zero. Get a free loan. They’ve already asked for stimulus money because they are and employer trying to maintain jobs (as I choke on my coffee).
I also heard this rumor that they really ARE strapped for cash. But in all honestly probably they’re just trying to look that way right now to get some stimulus money and blow up their numbers in a bad quarter.
Regarding bonuses, they could very likely be part of an employment contract so it has to be paid. It's sh*t, but it's reality.
I heard this also from a supplier. This supplier hasn't been paid for three months.