GM needs rest of loan, exec says

General Motors Corp. Chief Operating Officer Fritz Henderson said his company would run out of cash before March 31 if it didn’t get the second installment of its loan package from the federal government.

Henderson told the Automotive News World Congress on Tuesday night that the company faced a daunting but liberating task in developing a viability plan to justify $13.4 billion in loans.

But he said GM simply had to work hard and get the job done.

Henderson also said GM would have four core brands in the future: Cadillac, Chevrolet, Buick and GMC.

He predicted that oil prices would rise rapidly once global economic activity recovers, justifying GM’s electric-car research spending.