GM's Chief Operating Officer, Fritz Henderson said the company was expecting to receive its next bailout loan from the government in several days in order to avoid running out of cash.
If we don't get the second installment of our funding, we'll run out of cash. It's that simple, Henderson said yesterday at the Automotive News World Congress, Reuters reported.
The next $5.4 billion loan from the government has been delayed. Originally, General Motors expected the payment on Friday. However the U.S. government has pledged to loan $13.4 billion to the carmaker for three years and has already given $4 billion on Dec. 31.