GM Says: Never mind that $14.4 billion DOE loan we asked for

GM Renaissance Center

That’s right. General Motors, a company that was once going bankrupt and was heavily funded by our government to stay alive is withdrawing loan applications today. GM today said that it is withdrawing its $14.4 billion application for direct loans from the U.S. Department of Energy.

The Advanced Technology Vehicles Manufacturing Loan Program set aside $25 billion in direct DOE loans to companies who were  retooling U.S. factories to make vehicles and components that improve overall  fuel economy.

“This decision is based on our confidence in GM’s overall progress and strong, global business performance,” said Chris Liddell, GM vice chairman and chief financial officer.  “Withdrawing our DOE loan application is consistent with our goal to carry minimal debt on our balance sheet.”

Some highlights GM pointed out to shine at this moment:

  • General Motors Company successfully launched a $23.1 billion Initial Public Offering of stock.
  • For the first nine months of 2010, generated $4.2 billion in net income attributable to common stockholders.
  • GM has invested approximately $3.4 billion in U.S. facilities that have created or retained nearly 11,000 jobs.

Good for you GM!

– By: Omar Rana