Ford has just announced its third quarter results, and they’re bad.

Losses amounted to $5.8 billion during the three-month period, compared with a paltry $284 million during the same period of 2005. In addition, the company is to restate its results going back to 2001, as a result of an accounting change on interest rate derivatives used to hedge its long-term debt. Interestingly enough, it managed to lose money across every operation, including Ford Credit, for which net profit plunged to $262 million from $577 million.

New CEO Alan Mulally is less than pleased: "These business results are clearly unacceptable," he said in a statement. "Our focused priorities are to restructure aggressively to operate profitably at lower volumes, and to accelerate the development of new, more fuel efficient vehicles that customers really want."

You have to wonder why it bothers. Chapter 11 by Christmas?