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GM gets $2 billion more in U.S. aid

Posted Monday, Apr 27, 2009, 3:36 pm in Employee News

The U.S. Treasury gave General Motors Corp. another $2 billion loan for working capital but has not provided new working capital funds to Chrysler LLC, a transaction report for the Treasury’s Troubled Asset Relief Program showed on Friday and reported by Reuters.

The Obama administration said last week it plans to provide as much as $5 billion in working capital for GM and $500 million for Chrysler as they race to meet restructuring deadlines to qualify for additional government funds, the news service said.

GM confirmed receipt of the loans in a statement Friday, Reuters said. They come in addition to $13.4 billion in aid granted by President George W. Bush in December, the story said. (Reuters/Automotive News)
 
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