GM: Obama administration to make announcement on restructuring soon

The Detroit News

General Motors Corp. issued a brief statement Sunday saying it expected an announcement soon from the Obama administration regarding the U.S. auto industry’s restructuring but declined to comment further.

"We are anticipating an announcement soon from the Administration regarding the restructuring of the U.S. auto industry. We continue to work closely with members of the Task Force and it would not be appropriate for us to speculate on the content of any announcement," GM said in the statement.

The automaker has received $13.4 billion in federal loans and has requested another $16.6 billion.

President Barack Obama is scheduled to outline his vision Monday for the struggling U.S. auto industry.