Home > News > Industry News > Deadline approaches for GM, Chrysler

Deadline approaches for GM, Chrysler

Post Time:Feb 10,2009Classify:Industry NewsView:137

Fear of more plant closures and other cuts that are likely to cost thousands of jobs is spreading through General Motors Corp. and Chrysler LLC as the companies approach a Feb. 17 deadline to show the government they can be viable.The companies' plans are presumed to include concessions from bondholders and the United Auto Workers, but additional factory closings remain a possibility, according to industry analysts.Both GM and Chrysler must prove to the government that they are able to repay the federal loans that are keeping the companies afloat in the worst U.S. auto sales climate in 26 years. GM has received $9.4 billion and expects to get $4 billion more, while Chrysler has received $4 billion and is hoping to get another $3 billion, according to Feb. 10 AP report in the Chicago Tribune.

Read about the Big Three loan.

Read full article

Share this article:

Source: http://www.glassmagazine.com/news-item/auto/deadline-approaches-gm-chryslerAuthor:

Hot News