General Motors today announced it has entered into a definitive agreement to sell a 51-percent controlling interest in General Motors Acceptance Corp. (GMAC) to a consortium of investors led by Cerberus Capital Management, a private investment firm, and including Citigroup, and Aozora Bank. GM expects to receive approximately $14 billion in cash from this transaction over three years, including distributions from GMAC, with an estimated $10 billion by closing. Last year, GM lost a total of $10 billion. There has been speculation that GM may be readying extra cash in anticipation of a strike at Delphi, which would cost the company $7 billion to $8 billion if it lasted 60 days.
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04/03, 1:08 PM
posted by:
Ahk-Med
Not related to this LLN article, but where else to pile on GM?
“”I remember being told by a GM executive … that they’d never worried about Buick because as people got older and richer, their asses would get fatter and they would always buy Buicks to sit ‘em in,” said Dan Gorrell, vice president of San Diego market research firm Strategic Vision, which has done consumer studies for GM.”
http://www.latimes.com/business/la-fi-buick2apr02,0,3110015.story?track=mostemailedlink
04/03, 5:59 PM
posted by:
junkie
Let’s just hope they spend a few billion on new product development, and not a huge marketing campaign telling us how good the old crap is.