April 2009
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.
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