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19 Dec, 2008

White House Approves $17.4 Billion Auto Loans to GM & Chrysler

Posted by: admin In: Main ()

At a press conference held at 9PM EST this morning, President Bush announced $13.4 billion in emergency loans to prevent the collapse of GM and Chrysler, and another $4 billion available to the carmakers in February, with the entire loan package conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability. Although the Camaro’s start of production would have likely occurred on schedule even if GM was to enter bankruptcy reorganization, this surely provides some short term comfort to those of us fearing the imminent demise of the Camaro’s immediate future (and that of GM).

Read more on this story at the following LINK

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