GM loses $1.15 billion but feels much better about future
After emerging out of bankruptcy a much healthier company, with most of the debt made to disappear by the Obama administration, much-trimmed GM’s future at last starts to look reasonably sane. The company did lose $1.15 billion in the third quarter, but according to CEO, Fritz Henderson, GM was enjoying a “good, strong liquidity position” with $42.6 billion in cash-in-hand. In fact, it feels so good that it will repay $1 billion of the cash handed to it by the government (out of a total of $6.7 billion it currently owes) and will do its best to make similar quarterly payments from now on. Some $30 billion of US taxpayers’ money remains locked in the GM shareholding. Read more: New York Times, BusinessWeek
Become an Insider