DOE loans http://michiganradio.org en General Motors' financial health improves http://michiganradio.org/post/general-motors-financial-health-improves <p>General Motors is saying thanks but no thanks to more federal loans.&nbsp; The Detroit automaker is withdrawing its application for more than 14-billion dollars in low-cost loans from the Department of Energy.&nbsp;&nbsp;&nbsp;</p><p>Many car companies including Ford have received DOE loans, which are intended to help auto companies revamp factories to build more fuel-efficient cars and trucks.&nbsp; GM applied for loans through the program shortly after emerging from bankruptcy.&nbsp; But the automaker says its financial situation has improved since then.&nbsp;</p><p>Gerry Meyers is a professor at the University of Michigan Ross School of Business. He's also&nbsp;a former Chairman of American Motors Corporation.&nbsp; He says taking the loans would have given GM more debt.&nbsp;&nbsp; And the automaker told prospective IPO investors late last year that it would avoid going deeply into debt.</p><blockquote><p>It’s quite clear that they’re trying to clean up that balance sheet and also get the government out of the business, so it’s just another step in that direction and I think it’s wise.</p></blockquote><p>Meyers says the next step to GM’s recovery is to stop the revolving door at the top executive level.&nbsp; The company has had four CEOs in two years.&nbsp;&nbsp;&nbsp; Thu, 27 Jan 2011 19:24:23 +0000 Tracy Samilton 1040 at http://michiganradio.org