General Motors is still in trouble, it would seem, as Chief Executive Rick Wagoner has been quoted as saying that, should the company file for Chapter 11 bankruptcy, the automaker would end up being liquidated. We’ve all heard the stories about GM before, and it seems that lately this is old news and not worthy of note. But this one is, mainly because GM has already recieved $13.4 billion in federal aid money, and are requesting another $16.6 billion to keep afloat. However, the company is on a deadline, as they must present their economic viability plan by March 31 in order to be eligible for any more money.

The company is hoping for a restructuring out of court, as opposed to Chapter 11, but they need money in order to do it. Restructuring would fix 99% of the problems that they are currently facing, and it wouldn’t have the huge risk of scaring off customers with the name “Chapter 11 Bankruptcy,” and again would solve many problems that the company has hanging over its shoulders.

The viability plan is slated for review on March 31, and until then GM won’t be seeing another dime. The government is hoping that the company will produce something viable, and so are its consumers; as one of the largest employers of US labor in the automotive industry, it’s hard to imagine the company going under. Let’s just hope they can keep it together.