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GM posts 5th straight quarterly loss, says it may run out of cash

Jamie LaReau

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 ...

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