The two companies are finishing the last details in their respective plans and brace for the best. The aid is highly conditioned by the two manufacturers' ability to present a report that will emphasize both measures taken to cut cost and the manner in which they plan to pay back the loan.
GM's board held a conference call on Monday to review a draft of the document, which is also expected to detail plans for closing plants and disposing of Hummer, Saab and Saturn brands.
President Barack Obama decided to set up a Government task force charged with the restructuring of the US automotive industry. Treasury Secretary Timothy Geithner was put in charge of the group that will oversee the bailout loans.
GM's most vivid fear was that they will not be able to reach an agreement with both shareholders and UAW representatives. While talks between the GM and the shareholders seem to be on track, as shareholders offered proposals to cut GM's debt, no agreement could be reached yet with UAW.
With thousands of jobs at stake, today's developments are perhaps the most important ones this year. Although no one expects the United States Government to let the automotive industry crumble, the way the survival plan will be perceived by the Government is crucial in setting loan and reimbursement conditions.