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Old 03-12-2009, 12:37 PM   #1
Douge
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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:
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Old 03-12-2009, 12:46 PM   #2
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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!
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Old 03-12-2009, 12:48 PM   #3
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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
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Old 03-12-2009, 12:55 PM   #4
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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
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Old 03-12-2009, 01:01 PM   #5
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Good job, GM! I can't wait to see how many Camaros they sell over the summer and into Oct.
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Old 03-12-2009, 01:14 PM   #6
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Good news! :flag2:


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Old 03-12-2009, 01:25 PM   #7
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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.
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Old 03-12-2009, 01:29 PM   #8
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This was encouraging news to read for GM.

BTW, what's a winter beater??
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Old 03-12-2009, 01:45 PM   #9
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Old 03-12-2009, 01:47 PM   #10
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This is very good news. Just read the Reuters article on it....
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Old 03-12-2009, 01:47 PM   #11
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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
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Old 03-12-2009, 01:49 PM   #12
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Originally Posted by Wassert View Post
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!
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Old 03-12-2009, 01:50 PM   #13
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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.
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Old 03-12-2009, 01:56 PM   #14
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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
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Old 03-12-2009, 01:57 PM   #15
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Good news for GM!

A little bit of breathing room.
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Old 03-12-2009, 02:30 PM   #16
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If GM can survive without government help, is this good news for Z28 holdouts? Not trying to hijack threa, just curious what this means to Z28 if GM is able to get out from under government loan restrictions.
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Old 03-12-2009, 02:31 PM   #17
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If GM can survive without government help, is this good news for Z28 holdouts? Not trying to hijack threa, just curious what this means to Z28 if GM is able to get out from under government loan restrictions.
Probably increases the odds... but by how much?
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