GM warns it will run out of cash without rest of govt loan
The largest US automaker, General Motors Corp., said Tuesday it will run out of cash if it does not get the second part of the the federal bridge loan next month.
GM President Fritz Henderson said the the situation was dire for the troubled carmaker, which received a four-billion-dollar emergency loan last month and is due to collect another installment of the bridge loan in February.
"If we don't get our second installment of funding, we'll run out of cash. It's just that simple," Henderson said at a conference sponsored by the trade publication Automotive News.
"We have finalized the documentation with the second draw and frankly we anticipate receiving it," Henderson said.
“But it's critical we receive it," he added, noting that GM would run out of cash well before March 31.