General Motors’ top executives met with the US government’s new auto industry task force on Monday but few details of the talks have emerged.
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A source told Dow Jones Newswires GM’s chief executive officer Rick Wagoner and chief operating officer Fritz Henderson spent about two hours answering questions from the auto team appointed by president Barack Obama to oversee restructuring of GM and Chrysler in return for federal low-interest loans.
The government group went to Detroit last week to learn more about the auto industry.
“They’re working as hard as any group has on what is an incredibly complex issue,” the source told Dow Jones, describing the gathering as “fact finding”.
The new Obama administration has until 31 March to decide if GM and Chrysler are viable and can keep $17.4 billion in federal loans received so far, and if they should get another $21.6bn requested. Both automakers have submitted restructuring plans.
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By GlobalDataThe automakers are also working with creditors to restructure debt and with the UAW union to reduce labour costs to the same level as at Japanese-owned ‘transplant’ vehicle factories in the US, predominantly in southern states.
