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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

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