General Motors is reportedly setting up a $6 billion
line of credit to stabilize its liquidity amid the
UAW strike against the Big Three. It’s a sign that the automaker is getting ready for the long haul.
The move by
GM was announced in a securities filing on October 3. According to a spokesperson for the company, GM wants the 364-day revolving credit line to maintain operational flexibility. From
Bloomberg:
As of June 30, GM’s total automotive liquidity stood at $38.9 billion, so it’s not at risk of running out of money anytime soon. But the new credit line is a sign GM may be buckling in for a prolonged work stoppage by the United Auto Workers.
GM Is Digging In For A Long Strike (msn.com)