After almost an hour’s delay in releasing its third quarter earnings report, General Motors (GM) posted worse-than-expected results on Friday at 11:15 a.m. Eastern time, raising questions about whether it can survive the coming year without a cash infusion.

The Detroit, Mich.-based auto maker’s losses of $4.2 billion in operating costs and $6.9 billion in cash are due to the economic crisis and a sharp drop-off in sales.

The cash-strapped company announced it will restructure to try and free up $20 billion for expenses through 2009. The restructuring will involve dissolving jobs and cutting $2.5 billion in capital spending.

GM lost $2.5 billion, or $4.45 per share, in the quarter, compared with a net loss of $42.5 billion or $75.12 a share, in the third quarter last year. Revenue fell to $37.9 billion from $43.7 billion a year prior. The company has finished the third quarter with $16 billion, and plans to cut costs by another $5 billion through 2009.

Rick Wagoner, CEO of GM addressed concerns that the company will run out of money before the end of the year in an interview with Fox Business.

“The third quarter was difficult. I think there are a couple of factors which resulted in a faster burn rate than the first two quarters,” Wagoner said. He added that the fourth quarter is expected to be more like the first two quarters in terms of burn rate.

Despite massive restructuring efforts, the auto maker has been forced to look to the government for a federal bailout, and joins with Detroit neighbor Chrysler and Ford in conjunction with the United Auto Workers Union to ask for a rescue package. Chrysler and GM are both faced with liquidity problems moving forward, as well as a 25-year low in profits and sales. GM said it was no longer pursuing an acquisition, which was widely believed to be with Chrysler.

“We’re going to have to work very hard, do all the self-help we can, and we’re going to find a way to get through this,” said Wagoner. “Hopefully the government will be willing to provide the support we need along with all the work we’re doing.”

Additionally, GMAC, the financing business owned by both GM and Chrysler, reported a net loss of $2.5 billion for the third quarter, down by $900 million from last year. This was attributed to low used-vehicle prices and poor consumer credit. GMAC also had its counterparty credit rating downgraded by Standard and Poor's from ‘B-‘ to ‘CCC’ and its residential capital counterparty rating downgraded from ‘CCC+’ to ‘CCC-.’