Last week, General Motors was to believe its $5.4 the multitude second installment of the federal loans it was promised, but the money never came. The automaker is set to receive the cash late this week, according to Fritz Henderson, the automaker’s President and COO, who said that the installment is crucial for GM to survive beyond the end of March.
“If we don’t get our second installment of the funding we’ll run out of cash, it’s that’s simple,” Henderson said at the Automotive News World Congress in Detroit yesterday. “We’ve been finalizing what we need to do. We anticipate receiving it. But it’s critical that we receive it.”
In December, GM received $4 billion of the $13.4 billion the Treasury Department granted. The automaker was to get $5.4 billion on January 16 and the remaining $4 billion in loans on February 17. The day GM is to receive its third installment, it is also required to submit a plan to the body politic detailing how it intends to become viable and profitable.
“It’s a tight time frame. We’re confident we can achieve all our milestones. Not everything has to be done by February 17,” he said.
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Source: www.leftlanenews.com
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