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GM gets new credit lines totaling $11B

November 6, 2012 • Business


FILE – In this Monday, Sept. 17, 2012, file photo, a sign stands outside Oshawa’s General Motors car assembly plant in Oshawa, Canada. General Motors says it has received $11 billion in credit lines from 35 financial institutions in 14 countries, boosting its available cash and credit to more than $42 billion. The company wouldn’t say specifically what it plans to do with the money. (AP Photo/The Canadian Press, Michelle Siu, File)

DETROIT (AP) — General Motors is boosting its cash with $11 billion in new credit lines, a move that could mean the automaker is preparing to buy back its shares from the government.

The company said Monday it acquired the credit from 35 financial institutions in 14 countries. It now has more than $42 billion in available cash and credit.

GM wouldn’t say specifically what it plans to do with the money, only that it’s a source of “backup liquidity” that may Login to read more

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