GM says can survive March without new aid
General Motors Corp
Shares of GM rose 9 percent to $2.03 after the announcement.
The automaker has been kept in operations since the start of the year with $13.4 billion in loans from the U.S. Treasury and has asked for the government to provide up to $30 billion to fund its restructuring.
A task force headed by Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers is considering GM's aid request and a separate request for up to $9 billion in aid from Chrysler LLC.
The task force has until the end of March for its deliberations as GM works to secure new concessions from its bondholders and the United Auto Workers union to cut its debt by a combined $28 billion.
GM burned through $5 billion in the fourth quarter and ended the year reliant on the first $4 billion in loans it received from the U.S. Treasury.
Under the restructuring plan submitted to U.S. officials in mid-February, GM had forecast that it would burn through another $5.1 billion in January and February.
It was not immediately clear how the cost-cutting efforts GM made in the first months of the quarter had affected its projected cash burn rate.
GM Chief Financial Officer Ray Young said the company remained in talks with the Obama administration task force overseeing the industry's aid requests.
GM will remain in regular contact with the presidential task force on the auto industry on the status of GM's restructuring actions, its liquidity position, timing of future funding requests, and other relevant topics of mutual concern, Young said in a statement.
(Reporting by Kevin Krolicki, editing by Maureen Bavdek)
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