General Motors Corp. (GM) announced today in a regulatory filing the borrowing of an additional $4 billion in federal aid, the DetroitNews reported.
From DT: Until today, the automaker had received $15.4 billion, but last month signaled it would need $11.6 billion more to survive until the end of the year — including $2.6 billion before June 1.
But the $2.6 billion payment was not enough to cover bills, GM said late today. It needed the $4 billion now and the balance of the $11.6 billion later this year.
“We appreciate President Obama’s and his administration’s ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company,” GM said in a prepared statement. “We will continue to work closely with members of the President’s Auto Task Force throughout our restructuring and together we will continue to monitor our liquidity needs during this period.”
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