CEO Is Confident GM Can Meet Loan Conditions

By: Associated Press Email
By: Associated Press Email

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General Motors Corp. CEO Rick Wagoner says the automaker has significant work ahead after receiving a government bailout, but he is confident GM will work with stakeholders to make the company viable.

Wagoner said at a news conference Friday that the federal loans are a blueprint for the century-old automaker's next 100 years.

He said there are big steps to take but they are not impossible as the company tries to prove to the government it is viable by March 31.

Wagoner says the company will reinvent itself and lead an economic recovery in America.

The Bush administration Friday morning allocated $17.4 billion in loans for GM and Chrysler LLC, with $9.4 billion going to GM this month and next.

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