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Genaral Motors Says it Needs Billions More by Next Month to Stay Afloat (Visit this link)
Robert Snell from the Detroit News: General Motors will need as much as $16.6 billion in additional federal aid if market conditions worsen but could run out of money next month. GM needs $2 billion more in aid in March and $2.6 billion in April to stay afloat. The need is outlined in a restructuring plan submitted today to the U.S. Treasury Department that illustrates how GM will repay $13.4 billion in aid that has kept the automaker operating since it nearly ran out of cash in December. GM plans to begin repaying its loans in 2012. The plan, which will shrink and transform an iconic American company, built upon a Dec. 2 submission to Congress that provided a restructuring framework. There were new details included in the plan, which prescribes global cuts that hit workers, dealers, bondholders and facilities. The entire plan is designed to have GM become sustainable profitable within 24 months. GM continues to talk to dealers about the future of the Saturn brand, which could be eliminated in 2011 unless dealers come up with an alternative.
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