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Fri March 27, 2009
AP Source: Government may seek more auto givebacks
Detroit, MI – Detroit, MI (AP)
A person briefed on the government's efforts to save Chrysler LLC and General Motors Corp. says the Obama administration is likely to require further concessions from the companies and their stakeholders in exchange for more aid.
The requirements could go beyond concessions outlined in the terms of the first government loans given to the automakers by the Bush administration, according to the person, who did not want to be identified because the administration's plans have not been revealed.
The automakers have received $17.4 billion in government loans to stay afloat and are seeking another $21.6 billion.
Both face a Tuesday deadline to turn in finished restructuring plans to the government.