Washington DC – Washington, DC (AP)
The Obama administration has sent a team of 15 people to Detroit to work with General Motors Corp. as it tries to restructure by June 1.
An administration official says the team will be in Detroit over
the next two weeks to accelerate the restructuring process laid out
by President Barack Obama last week.
The official spoke on condition of anonymity because the discussions are private.
General Motors has received $13.4 billion in federal loans and
has less than two months to restructure or face bankruptcy.
Obama created an auto task force to work with GM and Chrysler LLC, which has received $4 billion in government loans and has until late April to complete an alliance with Italian automaker Fiat SpA.