(MENAFN) US No.1 automaker General Motors (GM) has secured USD11 billion in new credit lines, a move that could mean the automaker is preparing to buy back its shares from the government, AP reported.
The company said it secured the credit from 35 financial institutions in 14 countries, bringing its finances to over USD42 billion in available cash and credit.
Automotive industry analysts said GM's move suggests it will buy back stock from the US government.
The US Treasury Department owns 26.5 percent of GM, which was in exchange for a USD49.5 billion bailout about four years ago.
Analysts also suggest that GM might use the cash to pay for a restructuring of GM's troubled European operations, buy Ally Financial's European auto finance division or further fund its pension plans.
GM says the new lines have more favorable terms than its old one and will allow it to borrow in different currencies.
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