GM turns down $3B Canadian bailout
01-25-09, 05:44 PM
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GM turns down $3B Canadian bailout
http://www.autoblog.com/2009/01/25/g...nadian-bailout
GM has already received $9.4 billion in loans from the US government in an effort to stave off collapse. The Canadian government offered to loan the US automaker another $3 billion, but apparently GM doesn't want the Loonies at the moment. GM turned down the Canadian government's generous offer (for now), instead focusing its efforts on "self-help actions to conserve capital." GM is also working with stakeholders to cut deals in accordance with the automaker's pact with the US government.
Company spokesman Stew Low isn't counting out drawing funds from the Canadian government, stating that GM could "still require the offered assistance, as our 'self-help' efforts are for the short term." In the mean time, Canadian spokesman Darren Cunningham told the Windsor Star that GM still intends to draw up a proposal to Canada and submit it by February 20. In order to draw the $3 billion some point in the future, the plan would have to include the lowering of wages to stay competitive with Japanese automakers. Chrysler is still in negotiations with the Canadian Government for its share of the loan offer.
GM has already received $9.4 billion in loans from the US government in an effort to stave off collapse. The Canadian government offered to loan the US automaker another $3 billion, but apparently GM doesn't want the Loonies at the moment. GM turned down the Canadian government's generous offer (for now), instead focusing its efforts on "self-help actions to conserve capital." GM is also working with stakeholders to cut deals in accordance with the automaker's pact with the US government.
Company spokesman Stew Low isn't counting out drawing funds from the Canadian government, stating that GM could "still require the offered assistance, as our 'self-help' efforts are for the short term." In the mean time, Canadian spokesman Darren Cunningham told the Windsor Star that GM still intends to draw up a proposal to Canada and submit it by February 20. In order to draw the $3 billion some point in the future, the plan would have to include the lowering of wages to stay competitive with Japanese automakers. Chrysler is still in negotiations with the Canadian Government for its share of the loan offer.
, assuming she reads up.
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