GM to Get Remaining $20 Billion Loan This Year
"We want them to be able to spend the whole day without looking at the bank balance and wondering if their check is going to clear," Steven Rattner, head of Obama administration's autos task force said. "We want to get them... to focus on selling cars and making money."
General Motors already received up to $10 billion in state funds as it operated under Chapter 11 protection and the rest of the bankruptcy financing should arrive by the end of the year. However, a specific date for this to happen is yet to be decided.
Speaking of the share the government is holding in the new GM, Rattner explained the US officials are not going to get involved in day to day decisions and will allow the company's board to decide the future of the company. Nevertheless, the government will still monitor GM's evolution and will exercise its voting power to select board members.
"We are not going to operate as a parallel board. We are not going to micromanage or get involved in day to day decisions. I've said many times, we're not picking colors of cars or things like that," Rattner said.