GM's numbers are surprisingly bad.

It was surprisingly negative, well below the low end of the most pessimistic analysts, which is no small feat.

GMAC bondholders would be delighted to see a transaction of some sort take place and ecstatic if it were investment grade.

GMAC bondholders would be delighted to see a transaction of some sort take place.

Most of their operating profit comes from the U.S.. Everyone's been hurt by rising oil and gas, especially smaller and mid-sized pickups.

What it means for the bid, in order for GM to accomplish its goals, is that KKR needs to find another bank.