Canada says studying GM aid plan very closely

Thu Mar 5, 2009 11:01am EST
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OTTAWA (Reuters) - Canada said on Thursday it was reviewing General Motors of Canada's bid for government aid very closely after auditors for the U.S. parent doubted its ability to survive outside bankruptcy.

GM Canada, which is eligible for loans of up to C$3 billion ($2.3 billion) under a government aid package, submitted a detailed proposal last month.

Asked about the comments by GM's auditors, Industry Minister Tony Clement told the Canadian Broadcasting Corp that "this leads us to the same conclusion that we had before, namely that we have to review their plans very closely and make sure they make sense from a Canadian perspective".

($1=$1.29 Canadian)

(Reporting by David Ljunggren; editing by Rob Wilson)

<p>A GMC truck made by General Motors is seen for sale in Denver February 26, 2009. REUTERS/Rick Wilking</p>