|GM to pass on swanky company suite at Final Four|
|Written by Admin|
|Thursday, 26 February 2009 10:04|
The automaker was offered the seats as part of its sponsorship of the basketball event. The announcement follows GM's report of a $9.6 billion loss in the fourth quarter.
The company also says it burned more than $6 billion in cash and may need up to $30 billion from the U.S. government to survive.
A spokesman for GM says the company is in talks with the NCAA over what to do with the suites. GM has had a sponsorship deal with the NCAA since 1985, with Pontiac and Oldsmobile having been the lead brands.