US Congress failed to reach agreement on loan package

As critical a situation as this is, GM's leadership continues to look at options to restructure and stabilize the business in this exceptionally difficult economic period. Read Automaker Bailout Stalls in Senat

As it pertains to GM Europe, we are working with our labor representatives and the European governments where we have big operations to provide liquidity for sustaining operations, while the U.S. team pursues its options. In other words, GM Europe continues to operate as usual. We are aggressively managing down our cost structure and executing key product programs, such as the Insignia, to help maintain our business.

In Germany, talks with the government and the states where Opel has production facilities concerning a credit guarantee continue. These talks are preparing a solution for the eventuality that GM cannot guarantee financing of operations and Opel cannot get access to credits on the free market. As mentioned by the German government four weeks ago, an update on these talks is expected in due time.

Sweden yesterday announced a framework proposal for state guarantees and direct loans as well as investments into R&D for the Swedish auto industry. The state of Aragon in Spain, where the GM/Opel plant is located has agreed to support the plant with credit guarantees of euro 200 million.-GM Europe