China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
GM says government loans cover worst scenario: report
(Reuters) - General Motors Corp has adequate government loans pledged to cover the worst-case scenario it outlined in December to Congress and will not need more unless the economy worsens, a Bloomberg report said.
"The U.S. Treasury's $13.4 billion bridge loan to GM, coupled with the separate transaction for (lender) GMAC, meets our liquidity needs under the scenarios outlined in our December plan to Congress," GM spokesman Greg Martin told the agency.
GM could not immediately be reached by Reuters for comment.
On Dec 19, the Bush administration approved a $17.4 billion bailout for GM and Chrysler, of which $13.4 billion was earmarked for GM to stave off a collapse. The government offered a $6 billion support to GMAC LLC on Dec 29.
GM said on Monday it expected to keep its forecast for 2009 U.S. auto sales at between 10.5 million and 12 million vehicles, an outlook it offered last month in seeking the bailout from Congress.
In exchange for government funding, GM had said it would undertake a sweeping restructuring.
(Reporting by Ratul Ray Chaudhuri in Bangalore; editing by John Stonestreet)
