GM, Chrysler May Win Loan Deal as Soon as Today

Talks on Thursday brought automakers nearer to bailout, sources say
By Clay Dillow,  Newser Staff
Posted Dec 19, 2008 7:16 AM CST
This Nov. 3, 2008 photo shows employees working Chrysler minivans. Chrysler will close all of its 30 factories for at least a month to cut down on inventory, which is building as demand diminishes.   (AP Photo/CP, Dave Chidley)
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(Newser) – In a round of talks running into the night, GM and Chrysler made headway in securing emergency loans from the federal government yesterday, Reuters reports; the package, expected as soon as this morning, would demand wholesale restructuring of the automakers, including more concessions from unions and creditors. The talks continued even as the White House said yesterday managed bankruptcies were an option for a "soft landing" for the Big Three, an option the companies have said repeatedly is not viable.