GM will not need govt aid in March
It's not as good as black ink, but General Motors’ news that it doesn’t need government loan money this month is a sign that it is finally starting to bring its gargantuan expenses under control.
By Agencies |
DETROIT: It's not as good as black ink, but General Motors��� news that it doesn���t need government loan money this month is a sign that it is finally starting to bring its gargantuan expenses under control. GM Chief Financial Officer Ray Young said Thursday that the struggling automaker���s fortunes have improved to the point that it won���t need the $2 billion March installment, despite the request the company made less than a month ago.
But Young wouldn���t say when the GM might need more help, nor would he say whether it planned to reduce its request for a total of $30 billion in government financing. General Motors Corp, along with Chrysler LLC, is living on government money as the entire auto industry tries to weather a global recession.
In a viability plan submitted to the government February 17, GM said it would need $2 billion in loans this month and $2.6 billion more in April.
But Young wouldn���t say when the GM might need more help, nor would he say whether it planned to reduce its request for a total of $30 billion in government financing. General Motors Corp, along with Chrysler LLC, is living on government money as the entire auto industry tries to weather a global recession.
In a viability plan submitted to the government February 17, GM said it would need $2 billion in loans this month and $2.6 billion more in April.
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