GM withdraws guidance and plans to draw down $16 billion in revolving credit
General Motors Co. GM, -2.97% said Tuesday it is planning to draw down about $16 billion from its revolving credit facilities, as it works to boost cash during the coronavirus pandemic. The company said the funds will supplement the company's cash position of about $15 billion to $16 billion expected at the end of March.
"We are aggressively pursuing austerity measures to preserve cash and are taking necessary steps in this changing and uncertain environment to manage our liquidity, ensure the ongoing viability of our operations and protect our customers and stakeholders," Chief Executive Mary Barra said in a statement.
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