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Filed under: Government/Legal , Chrysler, LLC. , Ford , GM , Earnings/Financials With all the rescue/bailout talk going on here at Autoblog and, oh, just about everywhere else, you may find that it's tough to keep up with it all. Thankfully, the scribes over at Detroit Free Press have consolidated the discussion down to one easy-to-read but tough-to-comprehend figure: $97.4 billion. That's the total you get when adding up the initial $25.4 billion that automakers were promised to help retool their plants to build more fuel efficient cars; the $25.5 billion that auto suppliers have banded together to seek from the Feds and the $39 billion in loans that General Motors and Chrysler have requested from the feds to stave off a worst case scenario. Of that $97.4 billion, a total of $24.9 billion has already been paid out to General Motors, GMAC, Chrysler and Chrysler Financial. If the entire amount were paid out, every American would then have contributed $874 to the auto rescue/bailout...
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Filed under: Government/Legal , GM , Earnings/Financials Cue the angels! General Motors reports that it has received the second installment of the $13.4 billion government loan that it was promised by former President Bush late last month. Sure, it may have arrived a few days late, leading GM's coffer-keepers to anxiously check their mailboxes every few minutes, but it showed up with time to spare before The General ran out of funds to pay the bills on March 31st. For those keeping track, GM's total draw from the bridge loan so far rings the taxpayers' registers to the tune of $9.4 billion, leaving $4B still to come at a later date. In order to keep the money, GM must go back to Congress by February 17th with a full progress report detailing how it is fairing in reducing its current $28 billion in debt. [Source: Automotive News - sub. req'd] Followup: GM receives second gov't loan installment of $5.4 billion originally appeared on Autoblog on Thu, 22 Jan 2009 15:28:00...
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Filed under: Government/Legal , Chrysler, LLC. , GM , Earnings/Financials On Monday, December 29, Chrysler and General Motors were supposed to get the first installments of its allotted funds from the $17.4 billion dollar bridge loans . On Wednesday, GM got it's $4 billion. Chrysler, on the other hand, is still "finalizing the details of our financial assistance." The U.S. Treasury - the body disbursing the funds - didn't have much to say beyond that, either, merely reiterating that it wants to get the deal done within a timeline that satisfies Chrylser's funding needs. While we wonder what the holdup is, we have no reason to believe that Chrysler won't get its money. It is unlikely that anything has happened in the past three weeks to make the government go "On second thought..." We also wonder how Chrysler plans to meet the next deadline: by February 17, GM and Chrysler need to have submitted plans to demonstrate their long-term viability; on March...
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