/ Source: Reuters
General Motors Corp. could take a $1 billion charge in the second quarter in relation to its financial exposure to Delphi Corp, GM spokeswoman Renee Rashid-Merem said on Thursday.
The No.1 U.S. automaker said in a U.S. Securities and Exchange Commission filing that its exposure to bankrupt auto parts maker Delphi Corp. was probably $7 billion.
“We have taken a $6 billion charge to date,” Rashid-Merem said. “In order to hit that $7 billion, we would potentially take an additional $1 billion charge in the second quarter.”
“That’s primarily non-cash,” she added.
