WKYT | Lexington, Kentucky | News

GM Posts $9.6B Loss, Burns Through $6.2B Cash

DETROIT (AP) - General Motors Corp. says it lost $9.6 billion in
the fourth quarter and burned through $6.2 billion in cash as it
sought government help to avoid running out of cash.
The nation's biggest domestic automaker lost $30.9 billion for
all of 2008 as it struggled against a U.S. sales slump and a global
recession.
GM has received $13.4 billion in federal loans and its
executives are in Washington, D.C., Thursday to talk to the Obama
administration about the company's request for up to $30 billion.
For the fourth quarter, GM says it lost $15.71 per share,
compared with a loss of $722 million, or $1.28 per share, in the
year-ago period.
Excluding special items, The Detroit company's loss was $9.65
per share. On that basis, analysts surveyed by Thomson Reuters
predicted a loss of $7.40 per share.


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