GM may burn $13.9 bln cash by end of 2010-BofA

Newswire

NEW YORK, June 24 (Reuters) - General Motors is expected to burn $13.9 billion in cash over the next 2-1/2 years amid a sharp drop in truck sales and may be forced to raise additional capital, Bank of America said in a report. The struggling No. 1 U.S. automaker may raise about $6 billion to $8 billion through a secured loan and possibly a convertible securities issue, as the collapse in demand for gas-guzzling trucks and sport utility vehicles and restructuring charges will leave GM in a ...

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