GM Skipping $2 Billion Installment Loan No Reason to Cheer

General Motors Corp. says it will not pursue a $2 billion taxpayer-loan installment from the U.S. Treasury Dept. this month, as previously planned, but analysts say the decision hardly represents a sudden upswing in the auto maker’s fortunes.

“It’s all about cash flow right now, and it appears January and February were not as bad as GM expected, so why take the money,” says Aaron Bragman, an ...