GM Lands $11 Billion Credit Line
Will aid in effort to try to break in even in Europe
General Motors Co. secured an $11 billion revolving credit facility, more than doubling its financial cushion and further strengthening the balance sheet of the largest U.S. automaker.
The added liquidity could be used to finance a number of GM's strategic goals, which include breaking even in Europe by mid-decade and a possible purchase of Ally Financial's European and Latin American auto loan operations.
The new credit facility replaces a $5 billion line the company secured more than two years ago in the run-up to its initial public offering in November 2010.