Don't miss

Replay


LATEST SHOWS

DOWN TO EARTH

Agriculture: When farms turn into factories

Read more

FOCUS

Strait of Hormuz: a smuggler's paradise

Read more

THE INTERVIEW

Investigations against pro-Ouattara camp to begin mid-2015, says ICC chief prosecutor

Read more

ENCORE!

Asaf Avidan's Gold Shadow

Read more

THE INTERVIEW

UN Special Envoy to the Middle East: 'I leave the Gaza Strip in an even worse situation than before'

Read more

BUSINESS DAILY

Banding together against music streaming giants

Read more

IN THE PAPERS

'My enemy's enemy?'

Read more

IN THE PAPERS

Hollande: 'Lost in election'

Read more

Access Asia

Beef off the menu in Maharashtra

Read more

Business

GM needs five billion dollars in additional aid

Latest update : 2009-04-17

General Motors will need five billion dollars in additional government aid. President Barack Obama has pledged to provide GM and bailed-out rival Chrysler with "working capital" to come up with new strategies for resisting the financial crisis.

AFP - General Motors will need five billion dollars in additional government aid "soon," chief executive Fritz Henderson said Friday in an update on the troubled automaker's restructuring plans.

Henderson, who took the helm at GM as the US government forced a shakeup as part of a bailout deal, has been given 60 days by the White House to come up with a strengthened viability plan or face a likely bankruptcy.

"We expect to need about five billion dollars in government funding soon," Henderson said. "It is premature to say there's been an approval for further funding."

President Barack Obama has pledged to provide GM and bailed-out rival Chrysler with "working capital" to come up with new business plans to weather the crisis that has hammered the auto sector.

GM has already received 13.4 billion dollars from the federal government to help shore up the company.

The two automakers are now seeking an additional 21.6 billion dollars in government aid, which will only be forthcoming if they submit more realistic plans.

 

Date created : 2009-04-17

COMMENT(S)