免费日韩片_欧美成人精品一区二区男人小说_国产乱码一区二区三区四区_国产精品国产三级国产aⅴ入口_成人看的污污超级黄网站免费_欧美一级在线免费观看_成人午夜免费无码福利片_国产乱人伦偷精品视频色欲_aaa少妇高潮大片免费看_国产精品1234_亚洲精品国产suv一区88_中文字字幕在线中文无码_精品亚洲区_午夜九九九_国产av国片精品jk制服丝袜_色综合亚洲_亚洲成av人片无码bt种子下载_欧美色就色_精品少妇的一区二区三区四区_男人用嘴添女人下身免费视频

Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

GM posts $6B Q1 loss, spends $10.2B in cash

(Agencies)
Updated: 2009-05-07 23:57

As bad as the results look, analysts were expecting worse. Excluding special items, GM's fourth-quarter adjusted loss was $9.66 per share, beating Wall Street's expectations. Analysts surveyed by Thomson Reuters predicted a loss of $11.05 per share on revenue of $20.2 billion.

The company reported an operating loss of $3.2 billion from its North American operations alone.

Related readings:  Radical GM stock plan would all but wipe out current shareholders  GM's China sales surge 50% to monthly record  GM: Some parts of Chrysler deal could help GM  Fiat eyes merger with GM Europe, Chrysler  Govt may take 50% stake in ailing GM

GM posted an operating loss of $2 billion in Europe while it squeezed out a small profit in Latin America. Sergio Marchionne, the chief executive of Italy's Fiat SpA, is in talks to take over GM's operations in Europe - Germany's Opel, Britain's Vauxhall and Sweden's Saab. Fiat confirmed Thursday it is interested in the Latin American operations.

Young would not comment on Fiat's interest in GM's European or Latin America units. Fiat will have a 20 percent stake in Chrysler when that automaker emerges from bankruptcy protection.

GM faces an almost impossible list of restructuring tasks to complete before the June 1 deadline. It must get new cost-cutting agreement with its unions, complete a debt-for-stock swap with 90 percent of its bondholders, close factories and cut jobs to prove to the government it can repay the loans.

The largest US-based automaker also is trying to cut 2,600 dealerships and is in the process of selling or phasing out the Saturn, Saab and Hummer brands. GM has already decided to get rid of Pontiac.

GM shares fell 5 cents, or 3 percent, to $1.61 in morning trading.

Young said GM is continuing to simultaneously prepare for bankruptcy as well as its preferred option of restructuring out of court.

GM has made an offer to the holders of roughly $27 billion in debt to swap 225 shares of stock for every $1,000 GM owes. The deadline for the swap is May 26, and Young would not comment when asked if the offer might change.

CEO Fritz Henderson said Monday that the Treasury Department will not allow GM to offer more than 10 percent of the company's stock to the debtholders.

GM ended the quarter with $11.6 billion in cash, down from $14.2 billion on Dec. 31.

"Results were awful, as expected, however, GM's cash burn was even worse than we were expecting," said Kip Penniman, a corporate bonds analyst with KDP Investment Advisors in Montpelier, Vt., wrote in a note to investors.

   Previous page 1 2 Next Page  

   Previous page 1 2 Next Page