GM: draws 16 billion dollars from credit facilities
(CercleFinance.com) - GM said on Tuesday that it will borrow approximately 16 billion dollars under three revolving credit facilities.
The facilities consist of a three-year, 4 billion dollar facility, a five-year, 10.5 billion dollar facility, and a three-year, 3 billion dollar facility, the US carmaker said.
In the midst of the Covid-19 pandemic, more companies are trying to find cash and secure their business ahead of an extended period of depressed activity.
Last week General Motors announced a systematic and orderly suspension of its manufacturing operations in North America due to market conditions, so as to thoroughly clean facilities and protect employees. The suspension will last until at least 30 March.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The facilities consist of a three-year, 4 billion dollar facility, a five-year, 10.5 billion dollar facility, and a three-year, 3 billion dollar facility, the US carmaker said.
In the midst of the Covid-19 pandemic, more companies are trying to find cash and secure their business ahead of an extended period of depressed activity.
Last week General Motors announced a systematic and orderly suspension of its manufacturing operations in North America due to market conditions, so as to thoroughly clean facilities and protect employees. The suspension will last until at least 30 March.
Copyright (c) 2020 CercleFinance.com. All rights reserved.