GM Statement on Auto Industry
DETROIT- Today's announcement by
President Obama begins a new era for the U.S. auto industry. It
also marks a defining moment in the history of General Motors.
The U.S. Treasury will provide
working capital financing for GM for 60 days while GM completes
a more accelerated and aggressive restructuring to put the
company on sound long-term financial footing. We understand the
historic opportunity this presents, and we are fully committed
to successfully completing the reinvention of GM.
As President Obama said today, the
success of this reinvention is vital for GM, for the U.S. and
global economies, and for the millions of employees, suppliers,
dealers, retirees and others who depend on the company.
During the next 60 days, GM will
address the tough issues to improve the long-term viability of
the company, including the restructuring of the financial
obligations to the bond holders, unions and other stakeholders.
Our strong preference is to complete this restructuring out of
court. However, GM will take whatever steps are necessary to
successfully restructure the company, which could include a
(March 30, 2009)