Chrysler Seeks $5B More in Federal Loans

By John Johnson,  Newser Staff
Posted Feb 17, 2009 4:23 PM CST
In this Sept. 12, 2008 file photo, assembly line workers join the cab to the chassis of a Chrysler Dodge Ram pickup being assembled in Warren, Mich.   (AP Photo/Carlos Osorio, file)
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(Newser) – Chrysler says it will need a total of $9 billion in federal loans to avoid going bust, up $5 billion from the amount it received in December and $2 billion from its original request, CNN reports. The company also plans to cut 3,000 jobs this year, or 6% of its workforce. The automaker, which had to submit its restructuring plan to the White House today, also said it had won concessions from the UAW, though no details have emerged. GM's plan will be out later today.