General Motors is ringing the alarm bell over a delay in the second installment of its bridge loan. Chrysler faced the same thing when it was waiting on its first installment, but eventually got its money in time.
GM puts the delay down to having to fill out a great deal of paperwork and having to wait on the Treasury to finish doing the ballroom-and-cocktail circuit during a little thing called the presidential inauguration. GM President Fritz Henderson said the money should arrive "in the next several days." And even though it's still only January, just in case you needed a reminder, he also said "If we don't get our second installment ... we'll run out of cash" by March 31. Cue the wailing and gnashing of teeth...

[Source: Detroit Free Press]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Share This Photo X