General Motors may seek more loans, seeks Saab unit buyer

on January 12 2009 1:42 AM

Rick Wagoner, CEO of General Motors Corp, said Sunday that the company may seek further loans from the U.S. government at the North American International Auto Show in Detroit.

GM has already secured a $13.4 billion bailout loan from the government. Wagoner said the amount was consistent with what the group asked for the first quarter of 2009 but said they will review the plan.

Under the government's loan terms GM has to present a restructuring plan in March that shows the company has a viable business model,

We will obviously review the whole plan and at that point we'll see what requirements are. But for now we think we're well covered through the period we asked to be provided, he said to reporters, according to Reuters.

Wagoner also said the automaker was looking for a potential buyer for its Swedish Saab brand. The firm's Europe chief, Carl-Peter Forster denied that the sale could take place before March but speculated it could take place up to a year from now.

You can't expect to sell a business like this in two months, Forster said, according to Reuters. It takes a year.”