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General Motors (GM) said Monday that it is slashing its investment in Suzuki Motor to raise cash.
GM will raise about $2 billion in the move, which is the second major divestment the company has made in less than six months. The troubled automaker is also searching for a buyer to take over a majority stake of GMAC, its highly profitable financing arm.
"These asset sales are indicative of a company in trouble attempting to head off a near-term liquidity crunch," said Merrill Lynch analyst John Murphy in a research note.
GM revised its reported loss for 2005 by a further $2 billion on Thursday, citing charges related to factory job losses, its finance arm GMAC. and the bankruptcy of its former subsidiary Delphi Corp.
GM also said it would delay filing its annual report with securities regulators because it had mistakenly accounted for cash flows from a mortgage subsidiary of GMAC called ResCap.
The massive $10.6 billion loss for 2005 on a revised basis represented almost 85 percent of the current market value of the top U.S. automaker as of the close of trade on Thursday.
EMBATTLED carmaker General Motors has revealed that its loss last year was $10.6 bn (£6 bn) - $2bn worse than previously reported.