What’s $9 billion more?
Dec 3rd, 2008 by C. Todd Williamson, III
The Detroit Three is upping the ante from original $25 billion to $34 billion in bailout deal…but this time they claim to have a plan
Detroit’s Big Three auto makers presented turnaround plans to Congress on Tuesday that indicate both General Motors Corp. and Chrysler LLC could collapse by the end of the month unless they get billions of dollars in emergency government loans.
As part of a renewed bid for a bailout, GM said it needs an immediate injection of $4 billion to stay afloat until the end of the year, a fact it hadn’t before disclosed. In total, the company said it needs $18 billion in loans — $6 billion more than it said it would need just two weeks ago.
Chrysler’s 14-page summary of its presentation to Congress requests $7 billion, and it said it needs the funds by Dec. 31. Chrysler also wants $6 billion from a Department of Energy program aimed at promoting fuel-efficient vehicles.
Ford Motor Co. seeks a $9 billion line of credit from the government, though it adds it may not need to tap it. In addition, Ford wants $5 billion from the Energy Department program.
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