According to a report published by Reuters, in order for General Motors to refinance its debt the company will need to raise approximately $9 billion over the next 24 months. This task will be complicated by the rising price of commodities and production snarls like the UAW strike against American Axle.

GM will need to meet refinancing obligations on about $8.7 billion worth of debt that will come due by January 2010 while facing additional cash consumption through 2009 as the overall automotive industry struggles to weather the current economic storm.

According to a report published last week by Fitch Ratings, GM will face operating losses in North America as well as ongoing restructuring costs, which could lead to an additional ratings downgrade for the company later in 2008.

Over the past three years General Motors acknowledged losing $51 billion and admits that it may need to go after more liquidity if the automotive market does not experience significant improvement later this year. Many steps GM is taking to cut its risks are related to its Residential Capital LLC mortgage unit and its auto-parts suppliers Delphi Corp and American Axle and Manufacturing.

On Tuesday, stocks in GM closed on the New York Stock Exchange at $20.20 per share.