Tuesday, February 17, 2009

GM Needs $30 Billion Cash, $16.5 Billion More Than Prior Request

* Requests total of up to $30 billion in U.S. government funding, including $7.5 billion in credit line
* Says would run out of cash by March without new gov't funding
* Says has not reached deals with UAW on VEBA, bondholders on debt restructuring
* Sees March 31 as key deadline for reaching deals on debt restructuring
* Says requesting $2 billion in March, $2.6 billion in April under newfunding plan
* Says now plans to cut 47,000 jobs globally by end 2009
* Says plans to close additional five U.S. plants
* Planned plant closures will bring U.S. total from 47 at end 2008 to33 by

Also it has evaluated 3 bankruptcy scenarios and rejected all.

GM says a worst-case bankruptcy scenario would cost $100 billion... Couldn't they pick a much more scary number? $100 billion is what the Treasury uses to stoke the furnace every hour these days.
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