General Motors asks for USD 18 billion in aid from US government
December 3rd, 2008 Leave a comment Visited 47 times, 1 so far today
General Motors asks for USD 18 billion in aid from US government
US based automaker General Motors has asked the US government $18 billion in aids to survive.
The company said that they would need $12 billion in loans and another $6 billion in credit to get back on its feet.
GM further said that they would need $4 billion in financing this month and the rest of the $12 billion by March.
The rest of the funds would be needed if the situation becomes worse next year.
GM Chief Operating Officer Fritz Henderson had this to say on these demands: “The first $4 billion is crucial. There is no Plan B.”
Sounds pretty bad.
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