Friday, August 01, 2008

GM sinks still further

Yet another reusable headline, along the lines of "Bomb goes off in Iraq," or "Oil rises on supply fears," or the ever popular "Disney starlet does something sleazy" is the ever applicable "US carmaker giant posts quarterly loss."

Chief Financial Officer Ray Young said GM's second-quarter cash position was slightly better than the automaker had forecast and said GM was on track with a plan to free up $15 billion in liquidity through 2009 with a combination of cost-cutting, asset sales and new borrowing.
Charges for a planned reduction of about 15 percent of GM's salaried work force in the United States and Canada will hit third-quarter results, Young said.
"From my perspective, we are going to get the second quarter behind us and just move ahead with our restructuring and liquidity plans that we announced over the last 60 days," Young told reporters.

Good for them for working on change, however late, but it doesn't look like the hurting's going to stop for some time.

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