RubHer Yellow Ducky
11-07-2008, 07:23 PM
GM posts 5th straight quarterly loss, says it may run out of cash
(http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)
Jamie LaReau
http://images.autonews.com/apps/pbcsi.dll/bilde?Avis=CA&Dato=20081107&Kategori=ANA02&Lopenr=811079984&Ref=AR&border=0&MaxW=120&MaxH=90 (http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)DETROIT -- General Motors today reported its fifth straight quarterly loss because of "unprecedented economic and credit market turmoil'' and warned that it may not have enough cash to operate by mid-2009.
GM ended the third quarter with $16.2 billion in cash on hand, down from $21 billion on June 30.
GM's reported net loss in the quarter was $2.5 billion, including several one-time gains and charges. Before those special items, the company reported an adjusted loss of $4.2 billion. Revenue fell $5.8 billion, to $37.9 billion.
GM said it has identified ways to boost liquidity by an additional $5 billion by the end of next year, on top of $15 billion announced in July.
"Even if GM implements the planned operating actions that are substantially within its control, GM's ...
http://www.autonews.com/graphics/an_arrow.gif story (http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)
(http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)
Jamie LaReau
http://images.autonews.com/apps/pbcsi.dll/bilde?Avis=CA&Dato=20081107&Kategori=ANA02&Lopenr=811079984&Ref=AR&border=0&MaxW=120&MaxH=90 (http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)DETROIT -- General Motors today reported its fifth straight quarterly loss because of "unprecedented economic and credit market turmoil'' and warned that it may not have enough cash to operate by mid-2009.
GM ended the third quarter with $16.2 billion in cash on hand, down from $21 billion on June 30.
GM's reported net loss in the quarter was $2.5 billion, including several one-time gains and charges. Before those special items, the company reported an adjusted loss of $4.2 billion. Revenue fell $5.8 billion, to $37.9 billion.
GM said it has identified ways to boost liquidity by an additional $5 billion by the end of next year, on top of $15 billion announced in July.
"Even if GM implements the planned operating actions that are substantially within its control, GM's ...
http://www.autonews.com/graphics/an_arrow.gif story (http://e.ccialerts.com/a/hBJFHYwAG-rD9AqcpPBBnuut0yl/and24)