Sunday, January 6, 2008

General Motors Cancels $4.1 Billion line of credit

In the early part of last year. General Motors took out $4.1 Billion dollars in a line of credit through various banks. All of this of course was to be used in case of emergency. 2007 proved to be a very lucrative year for the General. The new CTS and Malibu are flying off dealer lots all over the country. And talks with the UAW went smoothly. So General Motors has announced that they have canceled the agreements with the banks. GM has also informed the SEC that they have "sufficient liquidity and financial flexibility" for the start of 2008.

Source: Automotive News.