Sunday, March 1, 2009

GM posts $9.6 billion 4Q loss

Tom Krisher and Kimberly S. Johnson ASSOCIATED PRESS

ASSOCIATED PRESS General Motors Corp. CEO Rick Wagoner (right) explains the company's restructuring plans Tuesday in Detroit. At left are GM Chief Financial Officer Ray Young and President Fritz Henderson. ASSOCIATED PRESS General Motors Corp. CEO Rick Wagoner (right) explains the company's restructuring plans Tuesday in Detroit.

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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