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GM says no to big loans

Jan. 27, 2011 at 3:51 PM   |   Comments

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DETROIT, Jan. 27 (UPI) -- U.S. automaker General Motors said Thursday it would pass on a chance to land $14.4 billion in government loans in order to maintain a low debt load.

As part of the Advanced Technology Vehicles Manufacturing Loan Program, the Department of Energy has made $25 billion available to automakers to upgrade assembly plants to produce more fuel-efficient vehicles, the Los Angeles Times reported.

But GM, which accepted billions of dollars as emergency loans in 2009, said it was now trying to manage with "minimal" debt.

GM Vice Chairman and Chief Financial Officer Chris Liddell said, "This decision is based on our confidence in GM's overall progress and strong, global business performance.

"Our forgoing government loans will not slow our aggressive plans to bring more new vehicles and technologies to the market as quickly as we can," he added. "We will continue to make the necessary investments to assert our industry leadership in technology and fuel economy."

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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