GM decides it doesn't need money from Feds.....for March. - DFWstangs Forums
 
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post #1 of 3 (permalink) Old 03-12-2009, 12:20 PM Thread Starter
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GM decides it doesn't need money from Feds.....for March.

As part of GM's bailout, it had requested $2billion from the US govt.

Today GM said they don't need it.

A sign of progress?????


Quote:
PRESS RELEASE

GM Statement Regarding the Ratification of the CAW Agreement and Update on Cash position

Attributable to Ray G. Young, GM executive vice president and chief financial officer

As GM Canada announced last night, the members of the Canadian Auto Workers (CAW) union have ratified a new competitive agreement with GM Canada (GMCL), which is vital to the continued transformation of the Canadian operations. The agreement between GMCL and the CAW will quickly reduce costs in Canada by significantly closing the competitive gap with U.S. transplant automakers on active employee labor costs and substantially reducing GMCL's legacy costs by introducing cash contributions for health benefits, increasing employee health care cost sharing, freezing pension benefits and removing hourly pension cost of living adjustments.

In addition, GMCL and the CAW will work together with the Canadian government to explore the possibilities of adopting a similar approach to the GM UAW VEBA in the U.S. GM is also continuing its negotiations with the Canadian and Ontario governments for support for the Canadian operations during this unprecedented industry downturn.

In the U.S., GM has also indicated they have advised the Presidential Task Force on The Auto Industry that the $2 billion of funding previously requested for March would not be needed at this time. 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. GM will remain in regular contact with the Presidential Task Force on the Auto Industry on the status of GM's restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern.
In other news: Besides having an agreement with the CAW completed, GM is on the verge of completing an agreement with the UAW.

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post #2 of 3 (permalink) Old 03-12-2009, 12:28 PM
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I don't think so . March will come and go and GM will be asking for the cash by the end of April .
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post #3 of 3 (permalink) Old 03-12-2009, 01:23 PM
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I ambivalent about that statement. All of the hard numbers say they are bleeding out.

Quote:
Originally Posted by MR EDD View Post
it was not a problem to bring money to his house at 10pm.so why is it a problem to call and bitch.it wasnt a problem when we were all sitting around smoking pot together.yes i said it we all were smoking pot together.what now stupid.
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