GM grateful for bailout, says much work to do

DETROIT - General Motors said Friday it was grateful for a government rescue package and acknowledged it has "much work" to do in order to return to profitability.

GM, which had warned it could run out of cash in a matter of weeks, said the loan "helps to preserve many jobs, and supports the continued operation of GM and the many suppliers, dealers and small businesses across the country that depend on us."

GM said it would use the loan to "accelerate the completion of our aggressive restructuring plan for long-term, sustainable success" and emerge as a "leaner, stronger" company.

"We know we have much work in front of us to accomplish our plan," GM said in a statement. "It is our intention to continue to be transparent as we execute our plan, and we will provide regular updates on our progress."

US automaker Chrysler meanwhile said Friday it had notified the White House that it agreed with all the terms set by the administration for the financial rescue.