GM skipping 2 billion Dollars March loan

Posted on Sunday, 15 March 2009 , 18:03:29 byEmil

Filed under gmgeneralmotorsmarchloanGM

GM skipping 2 billion Dollars March loan

GM lives off government funding (money) for these last weeks, but it seems as though the car giant is now closer to be standing up, on its own 2 feet yet again. General Motors was scheduled on receiving this month another 2 billion Dollars loan, but the carmaker affirms is no longer a need.

Ray Young GM CEO announced Thursday that the cost-cutting measure company have made enough extra money for General Motors to skip future government funding in March. 'This development reflects the acceleration of GM’s company-wide cost reduction efforts as well as pro-active deferrals of spending previously anticipated in January and February,' Young reported to the Detroit Free Press.

General Motors already has received 13.4 billion Dollars in government loans plus requested an extra 2 billion Dollars during March on its newly submitted plan of viability. GM requested also 2.6 billion Dollars during April, remaining unclear if the automaker from Detroit will skip also the payment.