Clement to Canadian automakers: "If you don't need the money that's fine too."

The Canadian branches of General Motors Corp. and Chrysler LLC have yet to show progress in their restructuring, deplored Industry Minister Tony Clement. Despite having $4 billion in government loans to draw from, the fund has remained untouched by the two companies.

"One would have thought we would have been at the conclusion of this phase [restructuring] by now, we're not," the Minister said after a speech in Toronto. "I'm signalling to them: let's get a move on.

"If you need the money, let's flow the money. If you don't need the money that's fine too."

The companies have until February 20 to demonstrate they have rendered their operations profitable again, at which point – if this demonstration fails – these loans could be reneged or called in.

Clement is extremely surprised that after almost a month, neither company had taken loans. What explains this delay in action, and even more, the lack of demand for federal loans? Weren’t these companies desperate for help? It sure seemed so a month ago.