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Old 01-06-2009, 09:23 PM   #1
FenwickHockey65
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GM May Not Need More Federal Loans...

http://www.leftlanenews.com/report-c...uses-174b.html

Quote:
In an interview with Automotive News, UAW president Ron Gettelfinger revealed that GM and Chrysler may not need funding beyond the $17.4 billion already earmarked for the automakers. “If we can get by without more money, that’s what we want to do,” Gettelfinger told Automotive News.

Although GM was originally seeking $18 billion in order to survive until 2010, that plan included the automaker’s 49 percent stake in GMAC. However, since the White House approved the $17.4 bailout package — $13.4 billion of which is earmarked for GM – GMAC has achieved bank holding status, greatly reducing GM’s stake in the financing company. Additionally, GMAC has secured $6 billion in low interest loans itself, bringing GM’s total funding beyond the $18 billion it was originally seeking.

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