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| Home Front Economy |
| GM 'doesn't need' $3bn bailout |
| 2009-03-12 |
| General Motors has said it will not need $US2 billion ($3 billion) in loans it had requested from the US government to fund its operations in March "at this time". "This development reflects the acceleration of GM's company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February," GM said. "GM will remain in regular contact with the Presidential Task Force on the Auto Industry on the status of GM's restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern." The struggling automaker said it had advised the presidential task force on the auto industry that the "2 billion of funding previously requested for March would not be needed at this time". GM did not indicate whether those funds might be needed at some other time or if it planned to alter its request for an additional $US16.6 billion in emergency loans on top of the $US13.4 billion approved in December. |
| Posted by:tipper |
| #1 GM needs to declare Chapter 11. |
| Posted by: Barbara Skolaut 2009-03-12 19:24 |