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Treasury Lends $2 Billion More To General Motors

By: Associated Press Email
By: Associated Press Email

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Friday, April 24, 2009

The Treasury Department says it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.

The Treasury said that the payment was made to GM on Wednesday and provides working capital to the company.

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.

GM has until June 1 to complete restructuring plans that satisfy the government's auto task force, while Chrysler has until April 30.


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