GM Pleased with Obama's Task Force's Visit to Michigan

Just like we told you yesterday, Obama's Task Force formed to supervise the auto industry and bring ailing automakers on the floating line is going to test-drive Chevrolet Volt and visit GM's and Chrysler's production facilities. In a statement published today on its official website, General Motors says the visit is the first step towards a successful revamp of the auto sector and revealed it is willing to support the efforts of the Task Force to come to a resolution whether to direct more funds to the auto sector.

"We were pleased to host the Task Force so they could experience firsthand the new products and technologies that are an integral part of GM's near- and long-term competitiveness. We look forward to continuing to support the efforts of the Task Force as they move quickly to address their critical tasks," General Motors said in the statement.

"We believe today's visit provided a constructive glimpse of GM people, their passion for their work, and the future products and technologies that are an integral part of our viability plan."

Aside from this fact, GM's future is still in doubt as auditors hired by the company were quoted as saying earlier this month. The automaker may be forced to file for bankruptcy under Chapter 11 even with more financial support, they warned.

“If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code,” the American automakers said in a report on this matter.

"Consequently, we are not in default of our covenants. If we conclude that there is substantial doubt about our ability to continue as a going concern for the year ending December 31, 2009, we will have to seek similar amendments or waivers at that time."