Dead End For General Motors?

The future of General Motors has been called into question. On Thursday, a regulatory filing revealed that accounting firm Deloitte & Touche, the company's auditors, have "substantial doubt" the disturbed automaker can stay in business.

General Motors (nyse: GM - news - people ) confirmed Tuesday that it's nearing a resolution for its parts marker Delphi, which has been floundering in Chapter 11 bankruptcy protection since 2005. (See "GM Steering Delphi Out Of Chapter 11.")

Shares of GM fell 12.7%, or 28 cents, to $1.92, in early-morning trading. Over the past year, its stock value has lost 91.7%.

GM recently received $13.4 billion in federal loans, and it's hoping for a total of $30.0 billion. During the past three years, it has piled up $82.0 billion in losses, including $30.9 billion in 2008.

Deloitte & Touche attributed its warning to recurring losses from operations, stockholders' deficit and an inability to generate enough cash to meet its obligations.

GM said that its future depends on successfully executing the viability plan submitted to the government in February to justify the loans. "If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code," the company said in the annual report.

The Associated Press contributed to this article.