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US Lends GM Another $2B

Funds mean firm can keep working towards restructuring deadline

By Nick McMaster,  Newser Staff

Posted Apr 24, 2009 2:03 PM CDT

(Newser) – The Obama administration provided General Motors with another $2 billion in low-cost federal loans today, MarketWatch reports. The funds are intended to keep the company operating as it attempts to restructure ahead of a June 1 deadline. GM has so far received $15.4 billion in loans from the government.

General Motors world headquarters is shown in Detroit, Tuesday, April 21, 2009. General Motors Corp. could get as much as $5 billion more in federal loans.
General Motors world headquarters is shown in Detroit, Tuesday, April 21, 2009. General Motors Corp. could get as much as $5 billion more in federal loans.   (AP Photo/Paul Sancya)
In this March 30, 2009 file photo, the exterior view of General Motors' world headquarters in Detroit, is shown. The Treasury Department said Friday, April 24, it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.
In this March 30, 2009 file photo, the exterior view of General Motors' world headquarters in Detroit, is shown. The Treasury Department said Friday, April 24, it has provided General Motors Corp. with...   (AP Photo/Carlos Osorio, file)
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COMMENTS
Showing 2 of 2 comments
justme
Apr 25, 2009 1:30 AM CDT
Why not. The Federal government is buying its way into control of business, banking and everything else.
Newser001
Apr 24, 2009 8:50 AM CDT
Isn't it a wonderful life?!!

Bankruptcy looms for GM, Chrysler
US News & World Report

 
Barack Obama • bankruptcy • General Motors • automaker • auto industry • Obama administration

 
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