: GM: $2 billion from government not needed

03-12-09, 05:01 PM
Thought anyone here would like to know.

GM says it doesn't need $2B from gov't in March
Thursday March 12, 1:49 pm ET
By Tom Krisher, AP Auto Writer
General Motors' chief financial officer says automaker won't need $2B loan it sought for March

DETROIT (AP) -- General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker's fortunes at least to the point that it won't need a $2 billion government loan installment that it had requested for March.

Chief Financial Officer Ray Young said Thursday that GM formally told the Obama administration's autos task force on Wednesday that it wouldn't need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request.

"It seems like our companywide cost reduction efforts are moving well, as well as we've been able to defer spending that we previously anticipated in January and February," Young said. "I think that's a positive development."

GM, which is living on $13.4 billion in government loans, has requested another $16.6 billion as it tries to weather the worst auto sales slump in 27 years.

Young said GM is continuing to calculate its cash balances and plans to update the task force when it may need more money.


03-12-09, 07:51 PM
Guarantee this won't be in the news.

03-12-09, 08:08 PM
This is the AP News :thumbsup:

03-12-09, 10:12 PM
I saw it on the AP News earlier today. Didn't make it to CNN, though.

Great news!

03-13-09, 05:50 AM
Sure puts a lock on bankruptcy for the short term. Also sounds like they have a deal with union and bond holders. Either that or they are just throwing in the towel!

CTS-V's for everyone! :)


03-13-09, 07:55 AM
Guarantee this won't be in the news.

Ahhh, but it will. Didn't you hear, Obambi said the crisis "isn't as bad as we thought". Time to start spinning positive!

It was only a disaster long enough to get elected and spend a $1.5t plus, now it's over and we can move on.


That said, good for GM. But not taking 2B after having taken, 30B+/- is a step in the right direction, but it's just one step.

03-13-09, 09:35 AM
Well the actual truth of the matter is they have been loaned $13.4 Billion are still requesting eventually to get another $16.6 billion.

What it comes down to is, they don't need $2 billion right Now, but they do need a lot more eventually.

It's just a spin for positive news is all.

03-13-09, 10:29 AM
It's been all over the news since the story broke early yesterday. I'll take some good news for a change, even though we all know they'll need more money in the future. Still, it's a good sign... and there haven't been to many over the last year or so.

Chrysler says they still need some $$$ before the 31st... that should be interesting.

I'm surprised this hasn't been moved from the V forum but thanks for letting more people know.

03-13-09, 01:19 PM
Ahhh, but it will. Didn't you hear, Obambi said the crisis "isn't as bad as we thought".

It's not.

The roots of this financial crisis border on a complete joke, as it's not reality that impacts how things work, but the perception of reality.

The frustrating part is that these dumba$$es that started these rumors didn't know all the facts, yet got people stirred up into a frenzy and then all hell broke loose. It's a joke...:mad2:

Krug Ford
03-13-09, 03:35 PM
hopefully it will turn around good now..

03-14-09, 08:34 PM
Toyota is even asking for $2 Billion from Japanese banks.

Times are tough.