General Motors to Borrow $16 Billion to Weather Coronavirus Shutdowns

General Motors (NYSE: GM) said that it will draw down about $16 billion from its existing credit lines in a bid to boost its cash reserve as it braces to weather a long shutdown.

The company has also withdrawn its guidance to investors for 2020. 

GM said that the borrowed funds will be in addition to its existing cash hoard, which it estimates will be between $15 billion and $16 billion as of the end of March.

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Source Fool.com