xcel
02-17-2009, 08:06 PM
http://www.cleanmpg.com/photos/data/2/AmericanFlag.jpg Heading for the trough once again... (businessweek.com/ap/financialnews/D96DLCA80.htm?chan=top+news_top+news+index+-+temp_top+story)
http://www.cleanmpg.com/photos/data/501/GM_s_CEO_Rick_Wagoner.jpgTom Krisher and Ken Thomas – AP – Feb. 17, 2009
GM’s embattled CEO Wagoner raising the stakes.
This keeps getting worse for everyone concerned :( -- Ed.
Detroit -- General Motors, presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan.
The automaker is already surviving on $13.4 billion in federal loans and said in a 117-page plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017...
"Today's plan is significantly more aggressive because it has to be," Wagoner told reporters Tuesday night. "We have taken stronger actions, we needed to." ...
GM predicted it could run out of money next month and said it wants to receive an additional $2 billion in March and an additional $2.6 billion in April...
If market conditions deteriorate, GM says it may also need an additional $7.5 billion revolving line of credit to stay afloat, for a total potential request of $30 billion… http://www.businessweek.com/ap/financialnews/D96DLCA80.htm?chan=top+news_top+news+index+-+temp_top+story
http://www.cleanmpg.com/photos/data/501/GM_s_CEO_Rick_Wagoner.jpgTom Krisher and Ken Thomas – AP – Feb. 17, 2009
GM’s embattled CEO Wagoner raising the stakes.
This keeps getting worse for everyone concerned :( -- Ed.
Detroit -- General Motors, presenting a dire outlook for the future, said Tuesday it may need $30 billion in total government financing to weather the economic downturn and would cut 47,000 jobs worldwide and shutter five more U.S. factories in a massive restructuring plan.
The automaker is already surviving on $13.4 billion in federal loans and said in a 117-page plan submitted to the Treasury Department that it would seek an additional $16.6 billion if economic conditions worsen, but it could achieve profitability in two years and fully repay its loans by 2017...
"Today's plan is significantly more aggressive because it has to be," Wagoner told reporters Tuesday night. "We have taken stronger actions, we needed to." ...
GM predicted it could run out of money next month and said it wants to receive an additional $2 billion in March and an additional $2.6 billion in April...
If market conditions deteriorate, GM says it may also need an additional $7.5 billion revolving line of credit to stay afloat, for a total potential request of $30 billion… http://www.businessweek.com/ap/financialnews/D96DLCA80.htm?chan=top+news_top+news+index+-+temp_top+story