GM (sorta) denies seeking $5 billion direct loan from feds to stay afloat

[jamz]

Filed under: Government/Legal, GM, Earnings/Financials
A report by Barron's over the weekend cited (again) two unnamed sources that divulged General Motors has been after a loan from the Federal Reserve since last September. The Barron's article got somewhat specific about the unspecifics, namely how much, saying that the amount the General is after is unknown, "but it needs $5 billion to meet its goal of completing a $15 billion liquidity program, which actually is coming from cost cuts."

Reuters (via Automotive News) reports that GM isn't after the fed's cash, but isn't averse to the idea or "taking dramatic steps" to make ends meet during these tumultuous times.

GM spokesperson, Greg Martin, said that the automaker isn't "actively pursing" the loans, but "you really can't rule out anything." M-kay.

[Source: Barrons, Reuters, Automotive News - Sub. Req.]

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