11-16-2009, 07:53 AM | #1 | |
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GM Posts $1.15 Billion Loss after Bankruptcy, Generates $3.3 Billion in Cash
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11-16-2009, 08:06 AM | #2 |
I used to be Dragoneye...
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So when all is said and done, at the end of the 3rd,...did they make money or lose money?
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11-16-2009, 08:11 AM | #3 |
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They lost $1.15 billion due to buying out Delphi and some UAW-related expenditures. They'll probably lose some more money from restructuring Opel in the coming months. However, GM is still on track for profit sometime next year.
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11-16-2009, 08:12 AM | #4 |
I used to be Dragoneye...
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Hmm...as expected, then. They never quoted an expected profit until 2010, anyways....but...considering they feel they're in a position to start repaying the loans early, I'd say this is okay/good news!
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11-16-2009, 08:14 AM | #5 |
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And you also need to consider that before bankruptcy, GM was burning through about $2 billion a MONTH.
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11-16-2009, 08:16 AM | #6 |
I used to be Dragoneye...
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Very true, and excellent point. I still won't be happy until they post a profit for a year straight...which probably won't start to happen for another 3-6mo. or so...but this is progress, and they've got new cars coming soon that will aid next years reports.
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11-16-2009, 08:26 AM | #7 |
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That's encouraging news! I hope they keep it up.
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11-16-2009, 11:41 AM | #8 |
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As long as the economy doesn't do a double dip, GM should be good. If we do hit another dip, expect all 3 of the big 3 to be looking for cash from Uncle Sam.
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