Updated: Fri Nov. 28 2008 8:11:04 PM

CTV.ca News Staff

CTV News has learned that the Big Three automakers are being told to submit their restructuring plans to the federal and provincial governments by Dec. 5.

A priority letter is being sent to the CEOs of the Detroit Three Friday night, urging them to take quick action in advance of a possible government bailout.

The letter is from federal Industry Minister Tony Clement and Ontario Economic Development Minister Michael Bryant.

The two ministers want to know in detail how General Motors, Ford and Chrysler plan to re-build and survive, before billions of taxpayers' dollars are provided to rescue the troubled industry.

Auto industry execs are due back before a U.S. congressional committee on Dec. 5 to review plans to stabilize their companies. The full Congress is considering a special session in the second week in December, if the auto companies deliver a viable plan.

A source at Queens Park says the Canadian action is part of the government's due diligence.

The letter asks the auto CEOS for the following information:

• A strategic analysis of Canadian restructuring plans

• Current financial situation, including operating cash and short-term liquidity, capital structure and asset position. Also, analysis on how company plans to finance restructuring.

• An analysis of their Ontario pension liability.

• An analysis of how restructuring with affect suppliers and redistributors.

• A plan for company's product mix, including ensuring energy efficient cars for Canada.

• Analysis of how Canada and Ontario fit into the company's global structure and competitiveness in global market.

The two ministers have been busy meeting with the automakers and lawmakers in the United States to determine how best to provide a multi-billion dollar rescue package to keep the Detroit three from collapse.

The Canadian Auto Workers union also wants a multi-billion dollar rescue package, saying that they made $300 million in concessions during the last round of bargaining.

The auto industry supports about 400,000 jobs in Ontario and contributes $28 billion annually to the provincial economy.

The Big Three have been seeking US$25 billion in financial help from the U.S. government, with some talk that one or two of the three might be forced into bankruptcy if no help arrives.

U.S. automakers have been facing troubles for years as consumers gravitated to Asian vehicles that are smaller and more fuel-efficient. However, the industry's problems boiled into a full crisis with the credit crunch that has deeply restricted access to money for banks, businesses and consumers alike.

The federal Conservative government was criticized this week for not announcing any help for the auto sector in Finance Minister Jim Flaherty's economic update on Thursday.

News of the outreach to the Detroit Three comes as Prime Minister Stephen Harper is moving to avert a major political showdown and is trying to avoid a non-confidence vote. Late Friday he announced that he will cancel a vote on his government's economic package, and has delayed the next opposition day until Dec. 8.

That comes three days after the response he's asked for from U.S. automakers, and seems to hint that there could be an announcement by then of help for the industry.

The government's fall economic update sparked the crisis, with opposition parties saying it lacks the necessary economic stimulus required for the looming global recession.

With a report by CTV Toronto's Paul Bliss