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GM and Chrysler to Receive Additional $5.5 Billion in Government Loans

04/21/2009
General Motors Corporation (GM) and Chrysler LLC will receive up to $5.5 billion from the federal government to provide working capital as both companies attempt to restructure, according to the Associated Press (AP). The AP cites a quarterly report by a special inspector general on the auto industry and bank bailout programs. The report says Chrysler will get $500 million to continue operations as it attempts to reach a merger agreement with Italian automaker Fiat; the government's auto task force has set an April 30 deadline. GM will be offered up to $5 billion to keep afloat through its June 1 restructuring deadline. AP says that according to the inspector general's report, the Treasury Department has spent $24.5 billion for the Auto Industry Financing Program, which includes aid to Chrysler and GM plus their financing divisions. The Treasury Department also estimates that it will spend up to $1.25 billion during the restructuring periods to guarantee that warranties will be honored for purchasers of vehicle from both companies.

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