Thursday, March 12, 2009
Is GM Reacting To The Auto Task Force Visit-it doesn't need $2B
GM says it doesn't need $2B from gov't in March
DETROIT – General Motors Corp.'s chief financial officer says the company will not need the $2 billion loan installment for March that it requested from the U.S. government in February.
CFO Ray Young said Thursday in an interview with The Associated Press that GM told the Obama administration it won't need the money so soon because its cost cuts are starting to take hold.
GM borrowed $13.4 billion from the government earlier this year. Last month, it said it would need up to an additional $16.6 billion to keep operating, including $2 billion in March and $2.6 billion in April.
Young would not say when the company will need more government loans or whether it would reduce its total financing request.