Daily News: August 27, 2012

Bloomberg: GM Doubling Credit Lines Would Help Ensure Cash Access

General Motors Co. is said to be seeking another $4 billion to $5 billion in revolving credit financing from its existing lenders, a Bloomberg article reported.

The financing, which GM hopes to secure at low borrowing rates, comes as the company is spending billions to make new products and pay pension obligations.

Bloomberg noted that the company has about $32.6 billion in cash and securities as of June 30, as well as its $5 billion revolving credit line closed in October 2010.

To read the Bloomberg article in its entirety, click here.

Previously on abfjournal.com:

Reuters: GM Credit Facility Complete, IPO Filing Expected, Friday, August 13, 2010