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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Bindare_Dundat on February 26, 2009, 07:40:37 AM
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Embattled automaker reports larger than expected in fourth quarter loss and burns through more than $6 billion in cash; says it needs new loans this year.
General Motors posted a $9.6 billion net loss in the fourth quarter, a period in which its sales plunged and it needed a federal bailout to avoid filing for bankruptcy.
The company also disclosed that it burned through $6.2 billion in cash during the last three months of the year. The company ended the quarter with cash of $14 billion.
If not for the $4 billion federal loan it received in the quarter's closing days, GM's cash level would have fallen below the $11 billion to $14 billion in cash the company has said it needs to continue operations.
Since receiving the first installment of that loan, GM (GM, Fortune 500) has gotten another $9.4 billion in federal assistance. The company asked for an additional $16.6 billion in the turnaround plan it submitted to the Treasury Department last week. GM disclosed Thursday it will need this at least $9 billion of that money in 2009 to weather the current downturn.
The company is expecting to burn through another $14 billion in cash this year, with most of it taking place in the first quarter as the company struggles to deal with weak demand and significant overhead costs
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Embattled automaker reports larger than expected in fourth quarter loss and burns through more than $6 billion in cash; says it needs new loans this year.
General Motors posted a $9.6 billion net loss in the fourth quarter, a period in which its sales plunged and it needed a federal bailout to avoid filing for bankruptcy.
The company also disclosed that it burned through $6.2 billion in cash during the last three months of the year. The company ended the quarter with cash of $14 billion.
If not for the $4 billion federal loan it received in the quarter's closing days, GM's cash level would have fallen below the $11 billion to $14 billion in cash the company has said it needs to continue operations.
Since receiving the first installment of that loan, GM (GM, Fortune 500) has gotten another $9.4 billion in federal assistance. The company asked for an additional $16.6 billion in the turnaround plan it submitted to the Treasury Department last week. GM disclosed Thursday it will need this at least $9 billion of that money in 2009 to weather the current downturn.
The company is expecting to burn through another $14 billion in cash this year, with most of it taking place in the first quarter as the company struggles to deal with weak demand and significant overhead costs
More money down the rat hole.
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Hahaha, so there y'all go. All that bailout money went into union contract servicing. No change whatsoever in the big business picture.
Even staunch liberal have to see what a farce this is by now. Nationalize GM if this is what's going to be happening every year.