NEW YORK (AP) General Motors Corp. says it has borrowed an
additional $4 billion from the U.S. government.
GM had already borrowed $15.4 billion and previously said it
would need to borrow an additional $2.6 billion more by June 1. But
in a regulatory filing Friday, GM says it needs an extra $1.4
billion before that date.
The company borrowed the additional money Friday.
Because it is borrowing more money now, GM says it now will need
$7.6 billion in loans after June 1, instead of $9 billion.
Friday's loan installment means GM has now borrowed $19.4
billion from the Treasury Department.

http://www.wctv.tv/home/headlines/45880167.html

General Motors Corp. is expected to file bankruptcy as early as late next week and could get up to $30 billion in additional federal bailout funds, according to a Friday report in the Washington Post.

The newspaper quoted sources familiar with the discussions between GM (NYSE: GM) and President Barack Obama's administration, and said the government is expected to steer the automaker toward filing either late next week, or in the first week of June.

The investment of up to $30 billion is said to be something that could change, but at that amount it would bring the federal government's investment in GM to nearly $45 billion. The government would have a 50 percent stake in a new, leaner, more competitive GM.

A deal to take GM into bankruptcy comes as the newspaper also quoted sources in the industry as saying Chrysler LLC could come out of bankruptcy as early as next week.

GM reached a deal with the United Auto Workers Thursday for concessions to its labor contract as part of its plan to seek deals with its union and bondholders. The talks with bondholders are believed to be continuing.

Both GM and Chrysler have accepted billions in federal bailout funds and have announced a combined nearly 1,900 dealerships would be cut as they trim their dealer franchise numbers and make cuts to their workforces.

http://www.bizjournals.com/dallas/stories/2009/05/18/daily60.html?ana=from_rss

Why are we still giving them money? Will it end?

and lay offs at the arlington plant. probably more to come too

It will end just as soon as everybody goes out and buys a new GM POS!

glad you can afford a new car deluxe

I would rather we bail out the big 3 due to not exactly help them but if we lose any one of these companies that will affect many, many types of industries. I say we should have never bailed out the banks and found a better use for that money!!

GM has already had bail outs and they still want more while laying people off

19,000,000,000/25,000 = 760,000

So for all they have received so far they could have made 760,000 cars at 25,000 each.

(I think thats 19 billion?)

Hmmm I wonder if they have made that many cars in what 7 months?

It's not like we weren't told to begin with, that bailing out these firms will have no effect.

There is no news in this, unless, one listens to Obama.

Of course more money will be needed.


These companies aren't profitable, meaning that every day they exist, they eat more than they work. What does it matter if you give them money? It is not going to change their model of operation. They will simply go through it and be back to zero available funds.

If bailing out could make a company profitable, then winning a lottery could turn one from a spender to a money-maker.

One can clearly see the desperation on commercials when they are presenting their deals on buying their cars

Yep, while a solution is right around a corner. Just make a good car, that worth it's price. That is all.

Oh, I forgot, they can't do that with unionized workforce, and that is something they aren't willing to give up.

Well then. You can't have a cake and eat it too.