DETROIT (AP) - General Motors Corp. will run out of cash long before the end of the first quarter if it doesn't get the second installment of government loan money that was due Jan. 16, the company's chief operating officer said Tuesday night.
Fritz Henderson told the Automotive News World Congress in Detroit that the company has said the money is critically needed to pay its bills, and it expects to get the second installment soon. He attributed the delay in receiving the second installment of $5.4 billion to the Treasury Department's workload and the change in administrations.
"If we don't get our second installment of the funding we'll run out of cash, it's that's simple," he said. "We've been finalizing what we need to do. We anticipate receiving it. But it's critical that we receive it."