GM will receive the rest of the public aid within 2009

Steve Rattner, manager of the group in charge of GM’s restructuration appointed by the Obama administration, announced today that the fallen giant would receive the total of the $20 billion in aid before the end of 2009. GM already received a third of the amount.
The purpose of these public guarantees is to make General Motors able to spend money without fearing that the checks might be refused. The group is expected to be able to focus only on making cars.
It is the first time that the White House addressed the issue after the Manhattan bankruptcy court approved, on July 1st, the group’s restructuring plan. According to this plan, GM will sell its best assets to a "new GM’, which the Treasury department owns 60%. According to Mr. Rattner, the administration’s ambition is to sell the government’s participation as fast as possible.

Francois-Xavier Motte