Even after raising the money from Dubai, AMD is walking on the edge of bankruptcy. In case that it actually happens, it might not be a bad thing after all.
The company wouldn't disappear, it would just get a new management until things get better, but looking at the current situation, AMD can't get much worse than it is.
AMD can hope to compete with Intel in 2009 and with some luck, it will catch it up in late 2008. Even then, there is Nehalem that looks too good to be true, but at least it won't arrive until late 2008.
AMD looks good on the chipset and graphics side where things are getting better and CPUs remain the only thing that they need to fix for 2008.
The 45nm process is the best hope for AMD, and it should arrive toward the middle of this year, if the company executes everything on time.