GM Forgoes $2 Billion in Federal Loans, Cites Improvements

Bru

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:eek:

http://blogs.cars.com/kickingtires/2009/03/gm-forgoes-2-billion-in-federal-loans-cites-improvements.html

GM announced today it will forgo $2 billion in federal loans set aside for the month of March in last year’s bailout funding.



“This development reflects the acceleration of GM's company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February,” the company’s statement reads.

Now, we’re not sure if this precludes the company from asking for that same $2 billion at another time, or if the company plans to reduce its request for more money, as it has previously indicated it would at the end of March, when it files terms with the government on the status of its recovery plan.

Oddly enough, this news came attached to another press release regarding a new concessions deal with the Canadian Auto Worker union. GM is still working on renegotiating with the UAW for U.S. workers. The UAW deal is considered a major underpinning of the company’s turnaround.

You would think GM would play this up a bit more than in a boilerplate press release — especially in time for people to start shopping for a new Camaro.
 

Mook

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"in unrelated news, GM has asked for 4 billion in loans for April stating that the government did not give them the 2 billion needed in march"
 

02BlueGT

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Maybe they are afraid it will backfire, and want to be on more solid ground, before they start a publicity campaign.........This and ford seem like signs the the resession isn't ending, but sure as heck is slowing down/leveling off..........
 

Eagle

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Can I get a little bit of that 2bil? I'm a loyal GM fan, I think I deserve some of it.
 

Smoke

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Doesnt sound like much of a sacrifice-if the bailout money is still in legislature, its probably not gonna pass before March ends. Thus, you'll have to stay in business without the money anyways, so why not 'decline' the funds for some PR.

Id be a little different if GM took the check and said 'no thanks,we're good'.
 

Poopshinanigans

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Doesnt sound like much of a sacrifice-if the bailout money is still in legislature, its probably not gonna pass before March ends. Thus, you'll have to stay in business without the money anyways, so why not 'decline' the funds for some PR.

Id be a little different if GM took the check and said 'no thanks,we're good'.
Just have the Governments uncashed check just sitting around. Then they'll get pissed because its fucking up their books.
 

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