GM shares drop as bailout hopes dim

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DETROIT (Reuters) - Shares of General Motors Corp fell more than 8 percent to hit a new 66-year low on Thursday as the prospects dimmed that lawmakers would reach a compromise on a proposed $25 billion bailout for U.S. automakers before Congress adjourns this week.

Without a deal this week, any bailout is likely to have to wait until the new Obama administration takes over in January, by the time GM has warned it would run desperately short of its minimum cash needs.

Failure to craft a deal carries the risk that one or more of the U.S. automakers -- GM, Ford Motor Co or Chrysler LLC -- could be forced into bankruptcy, analysts have warned.

Citigroup analyst Itay Michaeli said little progress appears to have been made to break the stalemate in the Senate over the mechanics of sourcing a $25 billion loan package. Any government actions to provide bridge loans are not expected to entirely solve GM's liquidity outlook through 2009, he added.

"We remain concerned that failure to obtain liquidity through this session may contribute to stakeholder perceptions that Detroit's liquidity options are dwindling, which in itself could increase the risk of a working capital driven liquidity crunch," Michaeli said in a research note.

Chances dimmed that a last-minute plan being crafted by Republican U.S. Senators, with White House support, to provide $25 billion to bail out U.S. automakers would receive enough backing from Democrats to pass before the end of this week.

Shares of GM were down 8.24 percent, or 23 cents, to $2.56 in early morning trade, after hitting a new 66-year low of $2.51.

(Reporting by Soyoung Kim, editing by Dave Zimmerman)

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