GM tells Feds to keep it
General Motors had asked for and made arrangements to secure money to operate in March. Now GM says there is no need for that $2 billion.
How can this not be good news?
The Wall Street Journal reported in mid-March GM said it had enough cash to keep operating through the end of March and would not need the $2 billion government infusion it had requested.
Maintaining, “it still will need additional government aid,” GM said its cost-cutting moves and spending deferrals in January and February successfully held off the need for more U.S. funds in March.
A GM representative said March’s cash-flow performance was better than expected.
GM has borrowed $13.4 billion from the federal government to keep itself out of bankruptcy since December and has requested $30 billion in loans.