GM to receive $4 billion in aid
February 18, 2009 by George Skentzos
General Motors is set to receive an additional $4 billion in aid from the US government as planned, ahead of the deadline to submit a new survival plan amid initial reports the company may have had to file for Chapter 11 bankruptcy.
The company is seeking concessions from the United Auto Workers union and creditors under the terms of its $13.4 billion federal bailout, and is required to submit a restructuring plan to US officials to show how it can cut costs and pay back the loans.
To date, GM has received $9.4 billion in federal aid which has allowed the company to stay in operation since the start of the year and is expected to seek further assistance after the deadline has passed.
A White House aide has said additional funding for GM’s smaller rival Chrysler LLC would be treated as a new request and dealt with separately.
Chrysler, controlled by Cerberus Capital Management, has been granted $4 billion in federal and is seeking an additional $3 billion.
This report follows news that President Barack Obama has decided against naming a “car czar” with sweeping powers, instead deciding to launch a government task force for restructuring the U.S. auto industry.
The President will appoint Treasury Secretary Timothy Geithner as his “designee” for overseeing auto bailout loans and as co-head of the new high-level panel together with White House economic adviser Lawrence Summers.
Print it: 
Why bet on last place?
Why put money into a sinking ship?
Stupid people. This is going to suck for the rest of our future, our kids future and their kids future.
SteveC
Touring cars will be mid sized cars with v6s thats what will be the core selling cars in the near futer i think
Hay wouldnt it be cheaper for gm to just give the cars away for half price for half the year get heaps turn over keep all the jobs and not have to borrow half as much money till thay fix up what thay got to do
That web site paints a frighting picture of gm
I still cant see how they can survive without bankruptcy protection. They are still losing money, these latest handouts (or loans if you must call them that) are only delaying the inevitable… insolvency. At some point they must admit they are technically trading while insolvent. But the GM response is typical… we know how to save ourselves… we are restructuring… we have new products… but without bankruptcy they are in exactly the same position that they were in 6,12 or 24 months ago when it comes to negotiating with creditors and the UAW legacy costs. Admit it GM, you’re broke! File for bankruptcy and cut the ties to the UAW contracts that are still dragging you down!