GM: Bankruptcy or More Aid

Automakers have been quiet since they received their emergency loans, but it seems that they’re readying their tin cups for some more shaking. According to The Wall Street Journal, General Motors, which is nearing a federally imposed deadline to present a restructuring plan, will “offer the government two costly alternatives: commit billions more in bailout money to fund the company’s operations, or provide financial backing as part of bankruptcy filing.” Treasury Department officials says that GM needs $5 billion just to survive the first quarter of 2009, and it is expected that GM will not have its plan ready in time. Chrysler, meanwhile, is expected to ask for another $3 billion in loans.