Key details from U.S. autos task force findings

(Reuters) FACTBOX: Key details from U.S. autos task force findings
Mon Mar 30, 2009 2:22am EDT

DETROIT (Reuters) - The U.S. task force overseeing the restructuring of the auto industry on Monday said the plans submitted by General Motors Corp and Chrysler failed to show how they could be viable.
GM will receive 60 days of additional working capital to resolve the situation and Chrysler, about 80 percent controlled by private equity firm Cerberus Capital Management, will have 30 days to complete an alliance with Fiat SpA.
The task force said an expedited bankruptcy process to help GM and Chrysler eliminate unsustainable debt loads may be the best path if out-of-court restructurings with creditors cannot be negotiated.
The government also said it would launch a plan to guarantee the warrantee coverage of consumers who purchase new GM and Chrysler vehicles during the next phase of their restructuring.
Key findings by the autos task force follow: Read more...
http://www.reuters.com/article/GCA-autos/idUKTRE52T0R920090330?virtualBrandChannel=10112