Good news from GM, finally

In a statement released today, General Motors stated that they won't, in fact, need the $2B they requested from the government for the month of March. Specifically, the statement reads:


"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."

I think this bodes well for the future of GM, and I stand firm in my belief that GM should not and will not declare bankruptcy. It's going to take a little bit of time and a lot of cuts and a lot of effort, but as long as the company remains in active cost containment, I think they have a good chance of pulling this off.

Do you? There's still time to vote in this week's poll at the right.

For more details, visit the AP story posted on SearchChicago - Autos.