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GM is "Closer to Running Out of Money"
By
Jen Chung
Published Nov 7, 2008
Modified Nov 7, 2008
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By
Jen Chung
Published Nov 7, 2008
Modified Nov 7, 2008
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General Motors released its third quarter results and announced it lost $4.2 billion. The NY Times says the automaker is "closer to running out of cash," as GM said, "G.M.’s estimated liquidity during the remainder of 2008 will approach the minimal level necessary to operate its business.” GM has suspended merger talks with Chrysler and will concentrate on ways to stop the bleeding, like cutting white-collar jobs and other restructuring. The Big Three automakers--GM, Ford, and Chrysler--and the United Auto Workers union are hoping the federal government will help bail out the auto industry. In other auto-related news, gas prices are down in the region.
Tagged
auto industry
bailout
Chrysler
economy
ford
gm
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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