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GM gets $4 billion in new U.S. funds

Post Time:May 26,2009Classify:Industry NewsView:79

General Motors Corp. on Friday said it received $4 billion in U.S. aid, $1.4 billion more than it had originally requested, as part of its plan to pay suppliers and dealers before a June deadline.

The auto maker, already subsisting on $15.4 billion in government loans, previously had asked the Treasury for an additional $2.6 billion before June 1 and $9 billion after that date for working-capital needs.

Separately, GM reached a tentative cost-cutting deal with the Canadian Auto Workers union Friday that, along with a similar agreement from GM's major U.S. union, paves the way for an expected bankruptcy filing as soon as next week, according to a May 23 article in The Wall Street Journal.

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Source: http://www.glassmagazine.com/news-item/auto/gm-gets-4-billion-new-us-fundsAuthor:

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