Right Lane Cruiser
05-07-2009, 07:10 AM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg G.M. is resuming negotiations with the United Automobile Workers union on Thursday as it seeks a deal to cut labor costs before the government’s deadline. (http://www.nytimes.com/2009/05/08/business/08auto.html?ref=global)
http://www.cleanmpg.com/photos/data/501/GM_Logo2.jpgNick Bunkley - The New York Times (http://www.nytimes.com) - May 7, 2009
This doesn't look good at all... --Ed.
DETROIT — General Motors, which faces a June 1 deadline to cut debt and expenses or else file for bankruptcy protection, on Thursday said it lost $6 billion in the first quarter.
G.M. said it depleted $10.2 billion from its cash reserves in the quarter, or $113 million a day, leaving the company with $11.6 billion as of March 31. That is roughly the minimum amount of liquidity needed to keep G.M. in business, the automaker has said.
“Our first-quarter results underscore the importance of executing G.M.’s revised viability plan, which goes further and faster to lower our break-even point,” G.M.’s chief executive, Fritz Henderson, said in a statement.
The first-quarter loss, equal to $9.78 per share, is the eighth consecutive quarterly loss for G.M. A year ago, the company lost $3.3 billion, or $5.80 a share.
Excluding special items, G.M. lost $5.9 billion, or $9.66 a share, which is better than the $6.7 billion that analysts were expecting the company to lose.
Revenue fell 47 percent to $22.4 billion due to a 40 percent drop in global sales during the quarter.
G.M. has borrowed $15.4 billion from the federal government since December to stay afloat, and the company says it needs $11.6 billion more. But the chances that it will end up in bankruptcy court at the end of this month are growing, particularly after... http://www.nytimes.com/2009/05/08/business/08auto.html?ref=global
http://www.cleanmpg.com/photos/data/501/GM_Logo2.jpgNick Bunkley - The New York Times (http://www.nytimes.com) - May 7, 2009
This doesn't look good at all... --Ed.
DETROIT — General Motors, which faces a June 1 deadline to cut debt and expenses or else file for bankruptcy protection, on Thursday said it lost $6 billion in the first quarter.
G.M. said it depleted $10.2 billion from its cash reserves in the quarter, or $113 million a day, leaving the company with $11.6 billion as of March 31. That is roughly the minimum amount of liquidity needed to keep G.M. in business, the automaker has said.
“Our first-quarter results underscore the importance of executing G.M.’s revised viability plan, which goes further and faster to lower our break-even point,” G.M.’s chief executive, Fritz Henderson, said in a statement.
The first-quarter loss, equal to $9.78 per share, is the eighth consecutive quarterly loss for G.M. A year ago, the company lost $3.3 billion, or $5.80 a share.
Excluding special items, G.M. lost $5.9 billion, or $9.66 a share, which is better than the $6.7 billion that analysts were expecting the company to lose.
Revenue fell 47 percent to $22.4 billion due to a 40 percent drop in global sales during the quarter.
G.M. has borrowed $15.4 billion from the federal government since December to stay afloat, and the company says it needs $11.6 billion more. But the chances that it will end up in bankruptcy court at the end of this month are growing, particularly after... http://www.nytimes.com/2009/05/08/business/08auto.html?ref=global