GM’s Report Card to the Presidentia l Task Force on Automobiles

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"Bankruptcy Considerations-In order to be prepared for events possibly precipitating a bankruptcy filing (for example, unsuccessful bond exchange or VEBA negotiations), the Company continues to evaluate its in-court restructuring options as part of contingency planning activities. The Company believes that the impact of a bankruptcy filing on its business would be substantial, on both wholesale (GM to dealers) and retail (GM dealer to customer) levels, as discussed in the February 17 submission.

General Motors continues to strongly believe that out-of-court restructuring provides the highest value outcome for its customers and this country long term. However, if the changes needed for long-term restructuring cannot be obtained out of court, the Company is prepared and would consider in-court options. Such options would be enhanced by the Administration=92s commitment to back GM customer warranties, and to provide support for a rapid emergence from any in-court process.

Availability of adequate financing on acceptable terms to GM=92s customers, dealers, distributors and suppliers to enable them to continue their business relationships with the Company;

=95 Financial viability and ability to borrow of the Company=92s key suppliers, including Delphi=92s ability to address its underfunded pension plans and to emerge from bankruptcy proceedings;

=95 GM=92s ability to sell, spin off or phase out some of the Company=92s brands as planned, to manage the distribution channels for the Company=92s products and to complete other planned asset sales;"