GM ends $4.1 billion credit line
Automotive News | January 4, 2008 - 3:35 pm EST

DETROIT (Reuters) - General Motors today said it terminated a $4.1 billion standby credit agreement with a syndicate of banks, saying it had sufficient liquidity without the borrowing arrangement.

GM had entered into the credit agreement in June 2007. The automaker had never borrowed under the terms of the deal, which was secured by GM’s stake in its former finance arm GMAC.

"After reviewing its liquidity position, GM believes that it has sufficient liquidity and financial flexibility to meet its capital requirements in the first half of 2008 without the credit agreement," the company said in a filing with the U.S. Securities and Exchange Commission.