GM and Chrysler are working with the government today to make final arrangements to transfer the first installments of the $17.4 billion in emergency loans.
“We’re making good progress finalizing the automaker loans and are committed to closing them on a timeline that will meet their individual near-term funding needs,” Brookly McLaughlin, Treasury Department spokeswoman, told Automotive News.
Both automakers will receive a total of $8 billion today – $4 billion for GM and $4 billion for Chrysler. The Bush administration has promised another $9.4 billion for GM early next year. As you all know by now, Ford is the only automaker out of the Detroit 3 that is not seeking any emergency federal aid but wants to have access to $9 billion in credit if necessary.