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Posts Tagged ‘GM financial news’

GM Adds $2 Bil to Financial Safety Net

Maker looks to keep liquidity above $30 billion.

by on May.31, 2016

General Motors expanded its credit revolver by $2 billion to $14.5 billion to ensure it has enough cash to operate normally in tough times.

General Motors has put in place a bigger safety net to protect the company in the event of hard times or a catastrophic market downturn that cripples new car sales.

GM set up an unsecured $14.5 billion revolving credit facility consisting of a $10.5 billion five-year facility and a $4 billion three-year facility. The facility amends and extends GM’s existing $12.5 billion revolving credit facility and 44-different financial institutions subscribed to the new credit facility, GM’s top finance officer said.

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“We believe this larger revolver, along with our $20 billion target cash, will provide appropriate liquidity to enable consistent investment in a downturn to generate strong results,” said Chuck Stevens, GM executive vice president and chief financial officer. (more…)

Feds Subpoena Records from GM Finance Unit

Investigators focus on GM Financial’s subprime loans.

by on Aug.05, 2014

GM's financing arm, GM Financial, was subpoenaed by the Justice Department last month.

GM Financial’s subprime auto loans are the target of a subpoena from the U.S. Justice Department served last month. The documents requested go as far back as 2007, the company reported in a Securities and Exchange Commission filing.

Federal investigators served General Motors financial arm on July 27 with a subpoena seeking documents involving origination and securitization.

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Company executives have confirmed the request, but quickly point out that no allegations or charges have been filed. (more…)

GM Revenue Up Slightly for Q4, Full Year

Maker paying profit sharing up $7,500 to hourly employees.

by on Feb.06, 2014

General Motors Co. (NYSE: GM) today reported 2013 calendar-year net income of $3.8 billion, or $2.38 per fully-diluted share.

While its revenue for the quarter and the year rose, General Motors reported its fourth-quarter earnings were flat and full-year earnings were down on a year-over-year basis due to special charges related to some of the company’s restructuring actions.

However, the company’s positive performance in North America buoyed its quarter and year and resulted in its eligible hourly employees expected to received profit sharing checks up to $7,500 each.

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“Launches of some of the best vehicles in our history combined with significant improvements in our core business led to a solid year,” said GM CEO Mary Barra. “The tough decisions made during the year will further strengthen our operations. We’re now in execution mode and our sole focus will be on delivering results on a global basis.” (more…)