GM, Chrysler receiving more government loans

Posted on Sunday, 19 April 2009 , 15:04:05 byEmil

Filed under gmchryslergovernmentloanllcGMChrysler

GM, Chrysler receiving more government loans

Chrysler LLC and General Motors will be receiving an extra 5.5 billion Dollars in federal aid (short-term), according to some official from Obama administration. The aid, doled out in loans with low-interest loans, will be 5 billion Dollars for GM and 500 million Dollars for Chrysler. The 2 carmakers had been therefor promised continued support in short term, though that administration there had balked up to 21.6 Dollars requested previously.

The White House didn't comment officially on the amounts of loan, that had been leaked to the Detroit News by some unnamed source. 'No decisions have been made on how much working capital GM and Chrysler will be getting' said Amy Brundage - White House spokeswoman.

Chrysler Financial confirmed meanwhile that this will not be requiring extra loans. 'Chrysler Financial has determined that it has adequate private capital funding to cover the short-term needs of our dealers and customers and, as such, no additional funding is necessary at this time' Amber Gowen (spokeswoman) affirmed Thursday.