GM to forego $2 bil March loan

Douge · 03-12-2009, 12:37 PM

GM says it will forego a scheduled $2 bil loan as cost cutting measures were taking effect.

I find that encouraging even though I know it has come at a cost. I have to believe the new Camaro has the potential to really help GM in this crap econ environment.

In fact, I think it is downright patriotic to buy a new Camaro. :flag2:

Miamimatt · 03-12-2009, 12:46 PM

I just checked that too. say they sell around 20,000 camaros around $30,000 in the next few months that should help a decent amount. Buy a Camaro and help GM!!!!!!! and have fun doing it!

Zabo · 03-12-2009, 12:48 PM

That, and a Cruze for a small winter beater. I've seen the interiors, and though they are somewhat spartan, they are leaps better than the Caliber that I drove and a rental, and actually liked to an extent. Dare I say it, it's a cute, yet evil looking small car that has potential with TT setup.

C'mon GM, don't let us down. Make the Cruze the new 4 dr Sport Compact wild child to follow up the SS Cobalt. Time to lay down the law on some Lan Evos and Subarus. XD

undrcop2010 · 03-12-2009, 12:55 PM

Quote:

Originally Posted by Zabo

That, and a Cruze for a small winter beater. I've seen the interiors, and though they are somewhat spartan, they are leaps better than the Caliber that I drove and a rental, and actually liked to an extent. Dare I say it, it's a cute, yet evil looking small car that has potential with TT setup.XD

+1 I'm seriously considering getting this car as a beater car for the winter, and i like the Ext alot but the Int is awsome I really like the way it looked, it has the lux Int look

*TAG UR IT* · 03-12-2009, 01:01 PM

Good job, GM! I can't wait to see how many Camaros they sell over the summer and into Oct.

Silver Streak · 03-12-2009, 01:14 PM

Good news!

:flag2:

25thanniversary · 03-12-2009, 01:25 PM

i agree the camaro is going to save gm i would buy a camaro as soon as it comes out but i just got my wife an 08 equinox and were are closing in on a house this month. but if there is money extra camaro here we come i want an 8 but my wife says you have one already get a 6. the color i want to get my camaro is that midnight blue with no sun roof.

carfansince73 · 03-12-2009, 01:29 PM

This was encouraging news to read for GM.

BTW, what's a winter beater??

OUR72GTO · 03-12-2009, 01:45 PM

The opposite of a summer swelter.

MerlinZero · 03-12-2009, 01:47 PM

This is very good news. Just read the Reuters article on it....

Wassert · 03-12-2009, 01:47 PM

DETROIT – General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker's fortunes at least to the point that it won't need a $2 billion government loan installment that it had requested for March.

Chief Financial Officer Ray Young said Thursday that GM formally told the Obama administration's autos task force on Wednesday that it wouldn't need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request.

"It seems like our companywide cost reduction efforts are moving well, as well as we've been able to defer spending that we previously anticipated in January and February," Young said. "I think that's a positive development."

GM, which is living on $13.4 billion in government loans, has requested another $16.6 billion as it tries to weather the worst auto sales slump in 27 years.

Young said GM's cash burn rate, the amount of spending above revenue, has slowed since the company submitted a viability plan to the government on Feb. 17.

"The cash burn that we thought we were going to have in January and February is not as high. Clearly we still have a cash burn," he said, attributing the burn rate to a lack of revenue from the company shutting down many of its factories for the month of January.

He would not say if GM will need another government loan draw in April. In its viability plan filed Feb. 17, GM asked for $2 billion in March and another $2.6 billion in April. It would not need any more money until 2011 when a $4.5 billion revolving line of credit comes due. The company also says it could need up to $7.5 billion more if the economy doesn't improve, for a total of $30 billion by 2011. It plans to start repaying the loans with $2 billion in September.

GM shares were up 15 cents, or 8 percent, to $2.01 in midday trading

cyberbro · 03-12-2009, 01:49 PM

Quote:

Originally Posted by Wassert

DETROIT – General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker's fortunes at least to the point that it won't need a $2 billion government loan installment that it had requested for March.

Chief Financial Officer Ray Young said Thursday that GM formally told the Obama administration's autos task force on Wednesday that it wouldn't need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request.

"It seems like our companywide cost reduction efforts are moving well, as well as we've been able to defer spending that we previously anticipated in January and February," Young said. "I think that's a positive development."

GM, which is living on $13.4 billion in government loans, has requested another $16.6 billion as it tries to weather the worst auto sales slump in 27 years.

Young said GM's cash burn rate, the amount of spending above revenue, has slowed since the company submitted a viability plan to the government on Feb. 17.

"The cash burn that we thought we were going to have in January and February is not as high. Clearly we still have a cash burn," he said, attributing the burn rate to a lack of revenue from the company shutting down many of its factories for the month of January.

He would not say if GM will need another government loan draw in April. In its viability plan filed Feb. 17, GM asked for $2 billion in March and another $2.6 billion in April. It would not need any more money until 2011 when a $4.5 billion revolving line of credit comes due. The company also says it could need up to $7.5 billion more if the economy doesn't improve, for a total of $30 billion by 2011. It plans to start repaying the loans with $2 billion in September.

GM shares were up 15 cents, or 8 percent, to $2.01 in midday trading

I will take it then!

1_2Many · 03-12-2009, 01:50 PM

I bought some shares of GM this morning for the hell of it. It's so cheap right now even if they go bankrupt you can't lose too much...unless you buy a zillion shares.

*radz28* · 03-12-2009, 01:56 PM

Quote:

Originally Posted by 1_2Many

I bought some shares of GM this morning for the hell of it. It's so cheap right now even if they go bankrupt you can't lose too much...unless you buy a zillion shares.

If I were into stocks and such, I was thinking about this too

03-12-2009, 12:37 PM	#1
Douge Eurotrash Connossieur Drives: 1985 Mercedes 500SEL Join Date: Mar 2009 Location: Chandler, AZ Posts: 188	GM to forego $2 bil March loan GM says it will forego a scheduled $2 bil loan as cost cutting measures were taking effect. I find that encouraging even though I know it has come at a cost. I have to believe the new Camaro has the potential to really help GM in this crap econ environment. In fact, I think it is downright patriotic to buy a new Camaro. :flag2:

03-12-2009, 01:14 PM	#6
Silver Streak Drives: 2008 Cobalt SS/TC Join Date: Dec 2008 Location: New Smyrna Bch. Florida Posts: 1,449 View My Garage	Good news! :flag2: __________________ *"What? You wanna lay the fate of the world on that kids Camaro? That's cool!"* *"The future is in the windshield, not the rear-view mirror!"* *"If you haven't gone a 175 mph on land, you haven't lived! That's just a fact!" - Ricky Bobby*

03-12-2009, 01:29 PM	#8
carfansince73 Drives: Carefully Join Date: Mar 2008 Location: Florida Posts: 1,210 View My Garage	This was encouraging news to read for GM. BTW, what's a winter beater?? __________________ 2010 1SS RS, LS3, SIM/Black, painted rally stripes, AAC sidemarkers, Sunroof, B.A. sound sys; 20x9.5 & 20x11 SV1-C5's; MGW short shifter; Hotchkis Track Pack; Corsa catback; Kooks 1 7/8"; ADM Street; Magnacharger TVS2300 - 548rwhp/512rwtq 1100- 2/18/09; 3800- 6/15/09 VIN#18308; Delivered 6/29/09!!!!! 2014 CTS-V Sedan, Black/Black, Auto, Recaros, Ultra-view, Red Brembos. Stock

03-12-2009, 01:45 PM	#9
OUR72GTO 2010 SIM Beige RS 6M Drives: SIM RS 6M 66 Corvair Silverado LTZ Join Date: Oct 2008 Location: Kamloops,British Columbia Posts: 4,673	The opposite of a summer swelter. __________________ CAMARO.. 2010 The Heart Beat is back in CHEVROLET Now let's put it back in America

03-12-2009, 01:47 PM	#11
Wassert Drives: 2006 Mazda 6 3.0L v6 Join Date: Jan 2009 Location: Beaumont Texas Posts: 111	GM says they DONT NEED 2 Billion from the Gov DETROIT – General Motors Corp. says its restructuring plan is starting to take hold, improving the automaker's fortunes at least to the point that it won't need a $2 billion government loan installment that it had requested for March. Chief Financial Officer Ray Young said Thursday that GM formally told the Obama administration's autos task force on Wednesday that it wouldn't need the money this month. But in an interview with The Associated Press, Young would not say when the struggling automaker would need more government money or whether it will reduce the size of its loan request. "It seems like our companywide cost reduction efforts are moving well, as well as we've been able to defer spending that we previously anticipated in January and February," Young said. "I think that's a positive development." GM, which is living on $13.4 billion in government loans, has requested another $16.6 billion as it tries to weather the worst auto sales slump in 27 years. Young said GM's cash burn rate, the amount of spending above revenue, has slowed since the company submitted a viability plan to the government on Feb. 17. "The cash burn that we thought we were going to have in January and February is not as high. Clearly we still have a cash burn," he said, attributing the burn rate to a lack of revenue from the company shutting down many of its factories for the month of January. He would not say if GM will need another government loan draw in April. In its viability plan filed Feb. 17, GM asked for $2 billion in March and another $2.6 billion in April. It would not need any more money until 2011 when a $4.5 billion revolving line of credit comes due. The company also says it could need up to $7.5 billion more if the economy doesn't improve, for a total of $30 billion by 2011. It plans to start repaying the loans with $2 billion in September. GM shares were up 15 cents, or 8 percent, to $2.01 in midday trading __________________ Black 2LT/RS, IO Interior Trim, IO Stripes

03-12-2009, 12:46 PM	#2
Miamimatt Drives: 2 LT RS Join Date: Feb 2009 Location: Miami Posts: 203	I just checked that too. say they sell around 20,000 camaros around $30,000 in the next few months that should help a decent amount. Buy a Camaro and help GM!!!!!!! and have fun doing it!

03-12-2009, 12:48 PM	#3
Zabo Gunning for Sixth Drives: '03 ZR2 Blazer Join Date: Sep 2008 Location: Woodhaven, Michigan Posts: 9,358 View My Garage	That, and a Cruze for a small winter beater. I've seen the interiors, and though they are somewhat spartan, they are leaps better than the Caliber that I drove and a rental, and actually liked to an extent. Dare I say it, it's a cute, yet evil looking small car that has potential with TT setup. C'mon GM, don't let us down. Make the Cruze the new 4 dr Sport Compact wild child to follow up the SS Cobalt. Time to lay down the law on some Lan Evos and Subarus. XD

03-12-2009, 01:01 PM	#5
TAG UR IT www.Camaro5store.com Drives: 2014 ZL1 #705 Join Date: Jul 2006 Location: SA, Texas Posts: 26,544 View My Garage	Good job, GM! I can't wait to see how many Camaros they sell over the summer and into Oct.

03-12-2009, 01:25 PM	#7
25thanniversary Drives: 92 Camaro Convt RS,2011 Camaro RS Join Date: Mar 2009 Location: Laredo,TX Posts: 2,167	i agree the camaro is going to save gm i would buy a camaro as soon as it comes out but i just got my wife an 08 equinox and were are closing in on a house this month. but if there is money extra camaro here we come i want an 8 but my wife says you have one already get a 6. the color i want to get my camaro is that midnight blue with no sun roof.

03-12-2009, 01:47 PM	#10
MerlinZero Big Orange Drives: 2010 Chevrolet Camaro 2SS/RS Join Date: May 2008 Location: Kent, WA Posts: 1,169 View My Garage	This is very good news. Just read the Reuters article on it....

03-12-2009, 01:50 PM	#13
1_2Many Drives: 2008 Suzuki SX4 Join Date: Oct 2008 Location: SoCal Posts: 785 View My Garage	I bought some shares of GM this morning for the hell of it. It's so cheap right now even if they go bankrupt you can't lose too much...unless you buy a zillion shares. __________________ We are the early orderers...we are GM's voluntary guinea pigs and their free source of feedback. How will we be thanked?

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