Troubled automaker GM will receive its second loan installment soon. GM will be getting a total of 9.4 billion US dollars this month. It may get an additional 4 billion more in February depending on US Congressional action.
Just last week GM received its first 4 billion US dollars from the Treasury Department. It will get its next 5.4 billion on January 16. Not a bad business, eh?
The US Treasury announced on Monday it was ready to provide the second installment of a loan to GM with funds from the 700 billion US dollar bailout of the financial industry which has faced near-collapse after a mortgage crisis dried up the credit markets.
GM will be getting a total of 9.4 billion in emergency loans from the US government this month. It may also get an additional 4 billion more in February depending on US Congressional action. The US Congress will then be deciding how to spend the second half of the 700 billion Wall Street bailout fund and the US Treasury has already promised that additional 4 billion to GM.
Last week Chrysler received its 4 billion dollar loan.
The US government has not provided any bailout funds to Ford. Ford had previously asked the US government for a 9 billion line of credit that it may need to tap into this year but it is not known if Ford is still pressing the government for that line of credit.