Have you seen the latest concepts for the 2010 model Chevies?
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Posted on 09/19/2008 10:16:05 PM PDT by politicket
General Motors Corp. said it intends to draw down the remaining $3.5 billion of an existing $4.5 billion secured revolving credit facility to boost its liquidity amid uncertainty in the capital markets.
The move reflects concern at GM about the effect tight credit markets are having on the company's cash cushion. GM's liquidity has been drained by falling sales in the U.S. and restructuring charges recorded in recent years.
The $4.5 billion secured revolving credit facility was put in place in July 2006 with a consortium of banks and provides liquidity that GM can draw on to fund working capital and other needs. Earlier this year, GM drew down about $1 billion from the line of credit, but in the past it has avoided relying heavily on its credit lines, as it enjoyed a relatively solid liquidity position.
(Excerpt) Read more at online.wsj.com ...
Yep. By the end of the month GM will be owned by the taxpayers.
I need a new vehicle by the way. My ability to pay isn’t much though.
You shouldn't have to worry about your ability to pay! It's your right to own a brand new car!
Don't let those right-wingers steal your hope! We need change!
Do I really need a sarcasm tag on this?...
They’re going to grab the cash before the banks all go belly up.
Might as well nationalize the big three. Socialism won. might as well celebrate by making sure there’s a Trabant in every garage.
I didn't think about that - but you could very well be correct.
Have you seen the latest concepts for the 2010 model Chevies?
Your "lingo" is incorrect. Instead of saying "I want", you need to say "I deserve".
That's what gets you handouts from the government.
Interesting. Thanks for posting.
You're very welcome.
G*d help us if that happens.
LOL
Corporate Welfare Queens
Me too.
Obamawagens.
Ah, our auto industry.
Some union workers need to exact non-competitive wages vs. the foreign automakers that have set up non-union shops in the South, making GM unable to compete.
Some mid-level execs need to do redundant work with the company so that we have the same car over 15 different GM product lines.
And the execs need their million dollar bonuses.
Ahhh, Time for Uncle Sam to fleece the taxpayers for more company’s corporate greed and stupidity.
A trillion to a bunch of con men lurking as investment bankers, a billion to a few inefficient automakers, what’s the big deal? Let’s get that debt up to 11 digits while we’re at it.
I wonder if the interest rate on that credit line is variable and what the rate is.
It's Bush's fault that we didn't get them already.
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