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Watched GM's News Conference and the Q&A Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Tue, 17 Feb 2009 17:38:12 In Reply to: GM's plan... read it here, FalconNY, Tue, 17 Feb 2009 16:42:19 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Hummer will be sold or closed by end of first quarter 2009.
Saturn will be starved of all product at end of current product cycle in 2011/2012. Saturn Distribution Company may be sold in its entirety to another manufacturer which would provide all Saturn Dealers with a new line of vehicles to sell.
Saab is still offered for sale. If it can't be sold it will enter into Swedish bankruptcy as an independent company. (this was not really clear)
- GM said in December that they needed $18B of help.
- To date they have received $13.4 B.
- GM tonight re-iterated the need for $18B, in addition to their current $4.5B revolving line of commercial credit.
- IF (and this looks likely) GM cannot renew this commercial line of credit, they will require an equal amount from the US Treasury.
- IF sales remain below 12 Million units annually in the US, GM will require an addition $7.5B loan.
Worst case is $18B plus $4.5B plus $7.5B equals $30B of aid. An increase of $16.6B over what they have received since December. Wow!
posted by 24.23.71...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
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