U.S. Bankruptcy Judge Robert Gerber gave General Motors the right to borrow $15 billion on an interim basis on June 1. GM today won approval from Gerber for the full $33.3 billion available under a bankruptcy loan from the U.S. and Canada.
Gerber approved the loan today after all the objections to the loan and its terms were resolved, reports Bloomberg.
On June 1, when GM filed for Chapter 11, it reported $82.3 billion in assets and $172.8 billion in debt in its bankruptcy petition.
The ruling also included a provision, requested by the United States government, that states in the Treasury are authorized to spend money from the Troubled Asset Relief Program (TARP) to make the loan available for GM.
– By: Omar Rana