The car won’t run and the park is closed.
GM and Chrysler parts supplier American Axle appears headed for bankruptcy. The company’s stock traded at $30 a share in 2007, but is now worth only pennies and will soon be delisted by the NYSE.
Although the auto companies have received billions in federal bailout funds, parts suppliers have not, although proposals are floating around to include them in future plans. American Axle slashed 3,000 workers last year while losing $118 million.
Theme park operator Six Flags Inc seems next in line for bankruptcy protection. The company appears unable to meet future payments to investors and creditors after a report that the company lost over $200 million in the final quarter of 2008.