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Treasury Dept. hands out $2B additional for working capital to GM

2009-04-24 18:39:54 (GMT) (Caymanmama.com - Automotive Business News)

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The Treasury Department lent another $2 billion to General Motors Corp. to provide working capital on Friday

Dallas, Texas (CaymanMama.com) — The Treasury Department wants General Motors Corp. to stay afloat and that is why they lent another $2 billion to the struggling automaker to provide working capital on Friday.

GM is using the funds as they continue their efforts to restructure and avoid bankruptcy court.

The Treasury Department loan brings the total amount of GM’s government aid to $15.4 billion after the auto giant said it would require additional funding in the second quarter to stay afloat.

According to the Associated Press, “A government report revealed earlier this week that the Treasury was prepared to provide GM with up to $5 billion more in federal loans and Chrysler with up to $500 million more in bailout support as they race against deadlines to restructure.”

General Motors Corp. has a June 1 deadline to carry out complete restructuring plans which satisfy the government’s auto task force. Fellow Big Three automaker, Chrysler has until Thursday to complete their restructuring plans and finalize an alliance with Italy’s Fiat Group SpA.



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