GM (GM) To Get Two Months Worth of Aid To Restructure, Chrysler To Get $6 Billion
In the ongoing battle to revive the struggling auto industry, the Obama administration is expected to give General Motors (NYSE: GM) two months worth of aid to restructure itself. Chrysler LLC will get up to $6 billion and 30 days to complete a deal with Fiat SpA.
Earlier today, the Obama administration forced out long-time GM CEO Rick Wagoner.
The government is also expected to back the warranties for GM and Chrysler vehicles to give consumers confidence to make an auto purchase.
Obama will release his interim conclusions on the viability of the bailed-out automakers on Monday. Obama is asking for serious sacrifice from all auto-related parties to return the bailed-out firms to viability.
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