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GM Seeks $5B Credit Line for Slowdown, to Repay Debt
Posted on Jul 07, 2010
General Motors is seeking a line of credit of at least $5 billion from banks to enable it to repay debt and prepare for another decline in U.S. auto sales, said a person familiar with the talks.
GM had $23.3 billion of cash and about $14 billion of debt as of March 31, according to its first-quarter financial report. Although the automaker repaid the final $5.8 billion of government loans in April, the federal government still owns a 61% stake. A public stock offering, expected to begin later this year, would enable the government to sell at least some of its shares in GM.
GM's U.S. sales have risen 14% in the first half of this year from a year earlier. Its market share fell to 19.2% from 19.6%, despite shedding four brands -- Hummer, Pontiac, Saab and Saturn. In the first quarter, GM earned an $865-million profit.
The automaker is restructuring unprofitable European operations, but growing in China, Russia, India and Brazil, where most of the auto industry's growth is to occur in the next decade. GM sold more cars in China in the first half of 2010 (1.21 million) than in the U.S. (1.08 million).
It also has given stock valued at $6.66 million to 14 top managers, including $1.33 million worth to Chairman and CEO Ed Whitacre according to a filing with the Securities and Exchange Commission.
Seeking a new line of credit can prepare GM to operate without government assistance.
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