Gm, Chrysler Seek $22 Billion More in Loans ; Automakers Press Case for Restructuring Over Bankruptcy
The Washington Times › February 18, 2009
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Summary
General Motors Corp. and Chrysler LLC, seeking to stay afloat with taxpayer money, asked for up to $22 billion more in federal aid Tuesday and offered to restructure themselves to justify the $17.4 billion in Treasury loans they already have received.
GM said it may need another $16.6 billion in loans on top of the $13.4 billion it received to weather the nearly 40 percent drop in auto sales in the past year. It announced it is closing five additional plants and nearly a quarter of its 6,200 dealerships, and will cut three of its brands - Saab, Hummer and Saturn - if it is not able to sell them. Chrysler also outlined a substantial downsizing and requested $5 billion more in loans.See the full content of this document
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Gm, Chrysler Seek $22 Billion More in Loans ; Automakers Press Case for Restructuring Over Bankruptcy
The automakers made their latest request for taxpayer subsidies against a backdrop of deepening economic stress prompted by the worsening plight not only of the auto industry but also of the rest of the global economy. The Dow Jones Industrial Average sank more than 297 po...
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