Under the gun, GM appears likely to ask for a loan from the Federal Reserve. Barron's is reporting that the auto maker's expected request came from a couple of people with first-hand knowledge of the situation. As expected, neither GM or the Fed will discuss this matter.
The General, according to one source, has been considering asking the Fed for a loan since last month, when it drew down $3.5 billion of a conventional $4.5 billion secured revolving credit line. How much the automaker would seek is unknown, but it needs $5 billion to meet its goal of completing a $15 billion liquidity program.
ateixeira says:
11:01 AM, 10/14/08
It's the early 80s again, except this time GM may buy Chrysler first, then beg for money.
jdizon says:
02:30 AM, 04/ 6/09
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