General Motors said today that it will draw an additional $2 billion in U.S. Treasury loans to maintain adequate liquidity as the company continues its aggressive restructuring efforts. The additional $2 billion comes from the projected incremental draws that GM outlined in its Feb. 17 viability plan.
The $2 billion brings GM’s total loans from the Treasury to $15.4 billion.
“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 statement. “We will continue to work closely with members of the President’s Auto Task Force throughout our reinvention and together we will continue to monitor our liquidity needs during this period.”
– By: Omar Rana