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Under terms of a $17.4 billion bailout approved by President Bush on Friday, General Motors and Chrysler have three months to turn things around. If they don't, they have to repay the loans and ...
In September 2008, the Big Three asked for $50 billion to pay for health care expenses and avoid bankruptcy and ensuing layoffs, and Congress worked out a $25 billion loan. [92] By December, President Bush had agreed to an emergency bailout of $17.4 billion to be distributed by the next administration in January and February. [ 93 ]
Chrysler ended the first half of the year with $9.4 billion in cash, but expected to end the year with only $2.5 billion in cash, and was concerned that it might not make it through the first quarter of 2009 without the loan. [citation needed] Automakers have already submitted applications for more than $20 billion in retooling loans to pay for ...
All that money had been returned. $5 billion in loan guarantees for Citigroup ($5 billion). The program closed, with no payment made, on December 23, 2009. $79.7 billion in loans and capital injections to automakers and their financing arms through the Automotive Industry Financing Program. $21.9 billion to buy "toxic" mortgage-related securities.
Automakers are fearful of being tagged as seeking a new government bailout so soon after the 2009 government-funded auto restructurings. Detroit has not sought industry-specific assistance ...
WASHINGTON (Reuters) -The Biden administration is offering $12 billion in grants and loans for automakers and suppliers to retrofit their plants to produce electric and other advanced vehicles ...
Congress declined to act, but in December 2008 the Bush administration provided a "bridge loan" to General Motors with the requirement of a revised business plan. [23] It said it needed $4.6 billion in loans within weeks, from the $18 billion it had already requested, and an additional $12 billion in financial support in order to stave off ...
The loan program, created in 2007, requires a "reasonable prospect of repayment" of the loan. Under Biden, the program has announced deals totaling $33.3 billion, including $9.2 billion for ...