General Motors Reveals $6 Billion Loss in First Quarter 2009

General Motors has announced that it lost $6 billion over the first quarter 2009, nearly twice the amount lost during the same period last year.

The U.S. auto giant also revealed it had spent more than $10 billion in cash in an effort to hold off bankruptcy. The carmaker has said that sales dropped significantly due in large part to a cutback in production as well as consumer fears that the company might end up in bankruptcy proceedings.

Revenue as a result of those two factors was $22.4 billion, nearly half what it was in the first quarter 2008.

GM has until June 1 to provide a feasible restructuring plan or it will be forced to file for bankruptcy.

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