GM says it received $4b more from US Treasury

Source: Times of India

23 May 2009, 0817 hrs IST, AFP

WASHINGTON: General Motors said on Friday it had received a higher-than-expected extra four billion dollars from the US Treasury, bringing the total in emergency government loans to more than 19 billion dollars.

"GM confirmed today that it will draw on an additional four billion dollars in US treasury loans," the company said in a statement.

The ailing number one US automaker said it is using the funds to maintain adequate liquidity as it prepares to present a viability plan to the government by the end of this month.

"Today's loan is higher than the amount forecasted in... April," the statement said.

The larger-than-expected sum comes amid reports that President Barack Obama's administration is preparing to steer the firm into bankruptcy by pushing the federal debt level to some 45 billion dollars.


Read more: http://timesofindia.indiatimes.com/GM-says-it-received-4b-more-from-US-Treasury/articleshow/4568185.cms

Yeah - GM will be making monthly payments to repay the loan starting next month.

:rofl: