Open

Coming up

Don't miss

Replay


LATEST SHOWS

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FRANCE IN FOCUS

Politics: parties under pressure

Read more

FOCUS

In Burma, the rise of radical Buddhism

Read more

  • Hamas and Israel sustain fire despite missed targets

    Read more

  • The third-place playoff: the World Cup game no one wants to play

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

  • Ukraine promises retaliation after rebel assault

    Read more

  • Putin revives old Cuban flame and eyes Latin American minerals

    Read more

  • Kerry holds all-night talks with Afghan presidential rivals

    Read more

  • Amazon snubs French free delivery ban with one-cent charge

    Read more

  • Cleveland's NBA fans hail 'return of king' LeBron James

    Read more

  • Exclusive: an unlikely victim of the 'War on Terror'

    Read more

  • Magnitude 6.8 quake, small tsunami hit east Japan

    Read more

  • Suspect in Brussels Jewish Museum shooting drops extradition appeal

    Read more

  • Kurdish forces take over two oilfields in northern Iraq

    Read more

  • Are French high school students getting smarter?

    Read more

  • In pictures: Chanel, Dior and so much more at the Paris couture shows

    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

Comments

COMMENT(S)