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'US Treasury Lend GM Additional $2B'

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US Treasury Lend GM Additional $2B

By Auto Bots at 04/25/09 08:37

The US Treasury lend an additional $2 Billion ot General Motors this week. This being said, the total money the government has given to GM has reached a whopping $15.4 billion. GM confirmed they received the loan last Tuesday.

All in all, the Treasury has already handed a total of $26.8 billion in their Automotive Industry Financing Program (AIFP). Part of it is the $5.5 billion loaned to Chrysler and the $5 billion loan for GMAC.

The $2 billion additional loan handed to GM is said to be the minimum money the company needs to keep things going until the end of May, the same time given to the company to polish and restructure their operations. Otherwise, they will be forced to enter government Chapter 11 bankruptcy proceedings.

If GM can satisfy the Obama administration to their restructuring, they could receive more billions are part of the "bridge loans". If not, the government will help them file their bankruptcy. Which do you think is nearly to happen?

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20090425-083712-US-Treasury-Lend-GM-Additional-2B general motors bankruptcy 'US Treasury Lend GM Additional $2B'