chefdennis
Veteran Expediter
Wow, if they don't get the 2nd part of the bailout funds, it will be the end of them... Didn't most people say that they would burn through this money in less then 6 months? looks like it will be in less then 3........this is not the end of it, the government will own the auto industry before this is over... and why not, the government is paying the banks, might as well own the auto companies too, and the insurance industries, oh wait, they are putting them out of business with the extension of coverage to all children with parents that make up to $61,000.... Newspapers are looking for a bailout, that should be good, take money from those you sre suppose objectively report on, oh wait, they are all in line with osamaba... Oh well, give GM the rest if the money, and just continue till we that taxpayers own the company........
Here is Part of the article, you will need to visit the link to get the rest of the story.
GM official says cash could run out by March 31
My Way News - GM official says cash could run out by March 31
Jan 21, 1:16 AM (ET)
By TOM KRISHER
DETROIT (AP) - The target date for General Motors Corp. (GM) (GM) to get its second installment of government loans passed last week, but a top company executive says he expects the money to arrive in the next several days.
Fritz Henderson, GM's president and chief operating officer, said without the second installment of $5.4 billion, the company would run out of cash long before March 31.
In December, the Treasury Department authorized $13.4 billion in loans for GM and another $4 billion for Chrysler LLC to keep both automakers out of bankruptcy.
GM received $4 billion late last year and was to get $5.4 billion Jan. 16 and another $4 billion on Feb. 17, the day it is to submit its plan to show the government how it will become viable.
Henderson told the Automotive News World Congress in Detroit that the money is critically needed to pay its bills. He attributed the delay in receiving the second installment to the Treasury Department's workload and the change in administrations.
"If we don't get our second installment of the funding we'll run out of cash, it's that's simple," he said. "We've been finalizing what we need to do. We anticipate receiving it. But it's critical that we receive it."
Henderson also disagreed with United Auto Workers President Ron Gettelfinger who said on Monday that that a mid-February deadline for General Motors and Chrysler to complete their restructuring plans .....................
To finish, please open the link above.........Thank You
Here is Part of the article, you will need to visit the link to get the rest of the story.
GM official says cash could run out by March 31
My Way News - GM official says cash could run out by March 31
Jan 21, 1:16 AM (ET)
By TOM KRISHER
DETROIT (AP) - The target date for General Motors Corp. (GM) (GM) to get its second installment of government loans passed last week, but a top company executive says he expects the money to arrive in the next several days.
Fritz Henderson, GM's president and chief operating officer, said without the second installment of $5.4 billion, the company would run out of cash long before March 31.
In December, the Treasury Department authorized $13.4 billion in loans for GM and another $4 billion for Chrysler LLC to keep both automakers out of bankruptcy.
GM received $4 billion late last year and was to get $5.4 billion Jan. 16 and another $4 billion on Feb. 17, the day it is to submit its plan to show the government how it will become viable.
Henderson told the Automotive News World Congress in Detroit that the money is critically needed to pay its bills. He attributed the delay in receiving the second installment to the Treasury Department's workload and the change in administrations.
"If we don't get our second installment of the funding we'll run out of cash, it's that's simple," he said. "We've been finalizing what we need to do. We anticipate receiving it. But it's critical that we receive it."
Henderson also disagreed with United Auto Workers President Ron Gettelfinger who said on Monday that that a mid-February deadline for General Motors and Chrysler to complete their restructuring plans .....................
To finish, please open the link above.........Thank You