GM secures $6B line of credit as UAW strike continues
) announced Wednesday morning the procurement of a fresh $6 billion line of credit and disclosed that the financial impact of the United Auto Workers strike in the 3Q amounted to $200 million, according to a company representative.
The union has initiated strikes at two GM assembly plants and 20 parts distribution centers. However, if contract negotiations continue to stall, the UAW may decide to call for additional walkouts. The acquired credit should help to strengthen the automaker’s financial position in the face of a potentially prolonged strike.
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