GM to Tap Rest of $4.5 Billion Credit Line

[bronxiteforever]

General Motors (GM Quote - Cramer on GM - Stock Picks) announced Friday it intends to draw down the remaining $3.5 billion of its $4.5 billion line of credit.

The automaker said the move is aimed at maintaining a "high level of financial flexibility" as it continues to restructure during uncertain times in the capital markets.

"Accessing the funds available to us is a prudent liquidity measure. Drawing on the revolver now improves our liquidity position at a time when the capital markets have become more challenging," said Walter Borst, GM's treasurer.

http://www.thestreet.com/story/10438560/1/gm-to-tap-rest-of-45-billion-credit-line.html?puc=googlen&cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA

[Warren Stupidity]

1. gulp

They are draining their line of credit before it gets yanked. The fallout continues. Monday should be rather interesting.

[bronxiteforever]

2. I read this the same way-hope I am wrong!

[blueinindiana]

3. Just tapping credit before they ask for a bailout is all. NT