Washington Promises More Money to Automakers

By: Associated Press
By: Associated Press

A federal report says the U.S. government will loan General Motors Corp. up to $5 billion more to make it through June 1, and Chrysler LLC could get up to $500 million more by April 30.

The report on the bank bailout program released Tuesday by a special inspector general says the money will be made available for working capital as both companies try to meet government restructuring demands.

GM already has received $13.4 billion in government loans, while Chrysler has received $4 billion. The government's auto task force rejected both companies' restructuring plans on March 30 and gave Chrysler until April 30 to make further cuts and take on a partner or face liquidation.

GM has until June 1 to complete its restructuring or face seeking bankruptcy protection.

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  • by sue Location: lansing on Apr 21, 2009 at 12:33 PM
    Who's going to pay for this one, my great grandchild?
  • by Lorie Location: Jackson on Apr 21, 2009 at 12:04 PM
    I have bailed out every company that5 was greedy and crooked. I'm broke will bail ME OUT!!!!!
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