GM receives additional $5.4 billion in federal funding

The $17.4 billion bridge loan package signed into action by President Bush late in December has begun disbursement, with General Motors receiving $4 billion earlier this month and now the second instalment of $5.4 billion as well. This additional funding comes at a crucial time for the General, whose COO Fritz Henderson warning earlier this week that the company would run out of cash by March without the second instalment. GM has now received $9.4 billion in funding and expects to get a final $4 billion payment on February 17 when it faces a deadline to submit a restructuring plan to Congress.