Auto makers set to receive $17.4 bln in U.S. loans
12-19-08 | 07:23 AM
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Auto makers set to receive $17.4 bln in U.S. loans
http://www.marketwatch.com/news/stor...A27E125551C%7D
Auto makers set to receive $17.4 bln in U.S. loans: reports
By Christopher Hinton
Last update: 8:56 a.m. EST Dec. 19, 2008Comments: 132
NEW YORK (MarketWatch) -- The White House is prepared to extend $13.4 billion in loans to troubled Detroit auto makers, with an additional $4 billion likely available in February, The Wall Street Journal reported on Friday. The deal could help General Motors (GM:General Motors Corporation
GM 3.66, -0.71, -16.2%) and closely held Chrysler LLC avoid bankruptcy and is contingent on the companies showing they are financially viable by March, the newspaper reported. "I think under normal circumstances, no question the bankruptcy court is the best way to sort through credit and debt and restructuring," President Bush reportedly said. "These aren't normal circumstances, that's the problem."
By Christopher Hinton
Last update: 8:56 a.m. EST Dec. 19, 2008Comments: 132
NEW YORK (MarketWatch) -- The White House is prepared to extend $13.4 billion in loans to troubled Detroit auto makers, with an additional $4 billion likely available in February, The Wall Street Journal reported on Friday. The deal could help General Motors (GM:General Motors Corporation
GM 3.66, -0.71, -16.2%) and closely held Chrysler LLC avoid bankruptcy and is contingent on the companies showing they are financially viable by March, the newspaper reported. "I think under normal circumstances, no question the bankruptcy court is the best way to sort through credit and debt and restructuring," President Bush reportedly said. "These aren't normal circumstances, that's the problem."
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