The Auto Board

[MWM]

American Axle (AXL) appears to be the next auto supplier
destined for bankruptcy protection. JPMorgan sees three possible outcomes:
covenant extensions, aid from GM and CEO Dick Dauch's fighting to avoid Chapter
11. Firm says the banks will likely give AXL a short-term break on its
covenants allowing the company to run out of money on its own. GM providing
some aid - such as accelerating payments - could happen but GM is now
controlled by the federal government, which could kill the idea. Dauch will
fight but it may not be enough to keep the company out of bankruptcy. (JHB)