General Motors posts $9.6 billion quarterly loss
DETROIT - General Motors Corp. posted a $9.6 billion fourth-quarter loss and said it burned through $6.2 billion of cash in the last three months of 2008 as it fought the worst U.S. auto sales climate since 1982 and sought government loans to keep the century-old company running.
The nationâ€™s biggest domestic automaker said Thursday it lost $30.9 billion for the full year and expects an opinion from its auditors as to whether the company remains a â€œgoing concernâ€ when its annual report is issued in March. That means the auditors will determine whether there is substantial doubt about the automakerâ€™s ability to continue operations.
Chief Financial Officer Ray Young said the determination will depend a lot on whether GM gets further government loans and whether it can accomplish its restructuring goals.
The company has received $13.4 billion in federal loans since Dec. 31 and says it needs up to $30 billion to stay out of Chapter 11 bankruptcyÂ protection. Top GM executives were in Washington, D.C., Thursday to meet with the Obama administrationâ€™s auto task force to talk about restructuring and additional loans.
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