|
GM returns $140 million
GM returns $140 million from fed supplier aid program
Posted on Wednesday, November 25th, 2009 at 12:11 PM EST. (Employee News)
General Motors Co. returned $140 million to the U.S. Treasury Department from a program created in April to support auto suppliers, The Detroit News reported.
The program once had $5 billion to aid parts suppliers and has continued to shrink, in part because suppliers thought it was too expensive, the paper noted. GM was allocated $3.5 billion in the program and Chrysler Group LLC had $1.5 billion—essentially government lines of credit to pay suppliers faster than normal, the News said.
The program created in April to assure suppliers that they would be paid during an auto bankruptcy was reduced to $3.5 billion in July: $2.5 billion for GM and $1 billion for Chrysler, the paper said. GM said about 375 of its suppliers were in the program, the story said. (Detroit News)
__________________
Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
|
Linear Mode
