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GM second-quarter results to show substantial gain over the first quarter

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impik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:24 AM
Original message
GM second-quarter results to show substantial gain over the first quarter
NEW YORK/DETROIT (Reuters) General Motors Co (GM.UL) is preparing to report second-quarter results that will show a substantial gain over the first quarter in a report it will use to bolster its bid to return to capital markets and pay back taxpayers, two people familiar with the matter said.

GM, now 61 percent-owned by the U.S. government, is counting on the momentum from its quarterly results to help it clinch a $5 billion bank credit facility as it prepares a stock offering expected to be the largest ever for the U.S. market.

GM has substantially completed work needed to register the IPO with the SEC but needs to complete negotiations with banks for its credit facility before that filing, the sources said.

GM Chief Executive Ed Whitacre, appointed by the Obama administration to oversee the automaker's turnaround, said last week he expected the automaker's second-quarter result would be viewed positively by both potential investors and creditors.

"It will be good. It will be impressive," said Whitacre, who has also said his top priority is shedding the automaker's ties to the U.S. government and the label "Government Motors" used by critics of its bailout.

http://news.yahoo.com/s/nm/us_gm_earns ;_ylt=AkUCJO3QzI5Lf.JBqGer_4Cs0NUE;_ylu=X3oDMTJnaGs4NjBpBGFzc2V0A25tLzIwMTAwODExL3VzX2dtX2Vhcm5zBGNwb3MDNwRwb3MDNARzZWMDeW5faGVhZGxpbmVfbGlzdARzbGsDZ21yZXN1bHRzdG9z
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NewJeffCT Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:28 AM
Response to Original message
1. Good for GM
A rare bit of good news on the economy.
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Botany Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:41 AM
Response to Original message
2. So once G.M. has the I.P.O. then it will buy back the 61% owned by us.
Edited on Wed Aug-11-10 07:49 AM by Botany
That damn socialist Obama, G.M. has now paid back all the federal loan and with interest. And shortly
G.M. will buy back the stock that the U.S. government owns in the company and at a profit for
the American taxpayer too.





I wonder what the teabaggers, Rep. Boner, and Fox New will say about this? My guess is nothing.

Obama: "I Don't Want To Run Auto Companies" 4/29/2009




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JNelson6563 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:48 AM
Response to Reply #2
3. Sounds about right.
:toast:
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catgirl Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 07:48 AM
Response to Reply #2
4. Nice! n/t
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Kdillard Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 08:42 AM
Response to Original message
5. very good news.
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Botany Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:13 AM
Response to Original message
6. kicked
I am sure that Fox will make this a top story for the 24/7 news cycle
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WI_DEM Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 09:13 AM
Response to Original message
7. Thank you, President Obama for helping save the US auto industry.
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Botany Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 10:06 AM
Response to Original message
8. Somebody gave this an un-recommend?
The trolls hate any good news for the President
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amborin Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-11-10 11:34 AM
Response to Original message
9. GM just bought Sub-Prime Loan Corp to try to boost Car sales
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