Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

GM to Feds: We Won't Need That Extra $2 Billion

This is a call we bet General Motors enjoyed making: GM has told the White House that $2 billion worth of government bailout money that the automaker had previously requested will now not be needed.

The struggling Detroit automaker said that it has made up the shortfall by cost-cutting and delayed capital spending.

However: "GM will remain in regular contact with the Presidential Task Force on the Auto Industry on the status of GM’s restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern," the company said.

Pressure's on Chrysler now.

-- Frank Ahrens
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  March 12, 2009; 2:00 PM ET
Categories:  The Ticker  | Tags: GM, automakers, bailout  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: BofA's Ken Lewis: We Won't Need More Bailout Money
Next: FASB Head: Mark-To-Market Relaxation Within Three Weeks

No comments have been posted to this entry.

The comments to this entry are closed.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company