Welcome To Financial Elite!

Follow our 200K journey to get out of debt! We share our best money tips to get out of debt and build wealth.

Thursday, March 12, 2009

Good News for GM

It's what we like to hear around here...Good News. GM the troubled auto maker says it has more cash on hand than expected and no longer needs a $2 billion government loan this month.

CNNMoney.com reported today that General Motors announced Thursday that cost cutting efforts had improved its cash position enough to allow it to get by without $2 billion in additional federal loans later this month.

GM, which has already received $13.4 billion in government loans, is not trimming its request for up to $16.6 billion in additional Federal help through 2011, however.

But GM chief financial officer Ray Young said in a statement that "the $2 billion of funding previously requested for March would not be needed at this time."

The company also announced that members of the Canadian Auto Workers union have ratified a contract to cover hourly workers at its plants there. GM did not have an estimate for how much money that will save the company.

This has been a good day. Banks are paying back their TARP funds, GM says it doesn't need the money, and retail sales are up. Let's keep this going. Good News=Good economy.

No comments:

LinkWithin

Related Posts Plugin for WordPress, Blogger...