GM posts $6 billion loss for 1st quarter

[May 07, 2009]  DETROIT (AP) -- General Motors Corp. says it lost $6 billion in the first quarter and spent $10.2 billion more cash than it took in, as a sales slump cut revenue by $20 billion.

The nation's biggest domestic automaker lost $9.78 per share, compared with a loss of $3.3 billion, or $5.80 per share, in the year-ago period.

GM has received $15.4 billion in federal loans and faces a June 1 government deadline to finish a restructuring plan or go into bankruptcy protection.

Revenue dropped 47 percent, to $22.4 billion from $42.4 billion in the year-ago quarter.

[Associated Press; By TOM KRISHER and KIMBERLY S. JOHNSON]

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