GM announces $4B pension fund deposit
Filed under: GM, Earnings/Financials
General Motors continues to use its newfound cash in a manner that aims to please its accounting department. After receiving a sizable monetary infusion thanks to the largest IPO in U.S. history, GM is now focused on putting that money to good use. Its Korean subsidiary, GM-Daewoo, recently paid off a $1 billion credit that was owed, and today, The General is pouring $4 billion much needed greenbacks into its pension fund deposit.
As of December, 2009, General Motors measured its pension fund as being underfunded by an eye-watering $17.1 billion. This fund provides benefits to 688,000 participants and, while $4 billion is a far cry from 17.1, it is certainly a step in the right direction. According to The Detroit News, that figure will grow to include another $2 billion down the road in the form of GM stock.
[Sources: General Motors, The Detroit News - sub. req.]
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GM announces $4B pension fund deposit originally appeared on Autoblog on Thu, 02 Dec 2010 13:29:00 EST. Please see our terms for use of feeds.
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