General Motors — the U.S.’ largest automaker — will need to refinance about $9 billion in debt over the next two years, a new report finds. In addition, GM may have to seek additional cash as it continues to burn through its reserves due to the sagging market and rising commodity prices.
Between now and January 2010, GM will have to refinance $8.7 billion in debt and absorb a cash burn of $11 billion, Lehman Brothers analyst Brian Johnson told Automotive News.
Earlier this month, Fitch Ratings said that GM was in serious jeopardy of a ratings downgrade and predicted the auto giant would continue to lose money through 2009.
Over the past three years, GM has lost a combined $51 billion.
