Tom Sweeney

It's a coming of age tale….

Archive for February 26th, 2009

Tough times continue…

Posted by sweens on February 26, 2009

In recent news today, General Motors (GM) posted close to a $10 Billion dollars fourth-quarter loss and was forced to use $6.2 Billion dollars of cash in the last 3 months of 2008.  In 2008, GM is reporting to have lost $30.9 Billion dollars.  GM is reporting that it will need roughly $30 Billion dollars as a bail out in order to avoid Chapter 11 bankruptcy protection in the United States.

 

Read the full article at: http://ca.news.yahoo.com/s/capress/090226/business/general_motors

 

In other news, Nortel announced today that it would be laying off another 3200 employees bringing the total to 5000.  The company will be dismissing its employees over the next few months as part of the restructuring plan under bankruptcy protection.

 

Read the full article at: http://www.ottawabusinessjournal.com/293881415493017.php

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