GM boosts cash, credit by $11B, to $42B total

11/6/2012

DETROIT — General Motors Co. says it has received $11 billion in credit lines from 35 financial institutions in 14 countries, boosting its available cash and credit to more than $42 billion.

The company said only that the money is a source of “backup liquidity” that may be used for “strategic initiatives.” But analysts said it could be planning to buy back stock, specifically from the U.S. government. The Treasury Department owns 26.5 percent of the company, which it received in exchange for a $49.5 billion bailout about four years ago.