GM Receives First Tranche Of Emergency Loan
Source: http://feeds.feedburner.com/~r/StocksOptionsBlog/~3/500341094/Posted on Thursday, January 1st, 2009 | In Stocks to Watch
Thursday January 1, 2009
Navivest
The U.S. Treasury confirmed that it had yesterday, paid out a first disbursement of $4 billion to General Motors (GM) as part of the emergency $17.4 billion emergency loan package that President Bush approved for the automakers on December 19th 2008.
Chrysler, which will also be receiving emergency aid, has not received its funds yet, however, according to a statement issued by Treasury spokesperson Brookly McLaughlin, “We’re working expeditiously with Chrysler to finalize that transaction and we remain committed to closing it on a timeline that will meet near-term funding needs.”
Ford (F) will not be receiving emergency aid, as it did not apply since it is in a slightly better position than the other two automakers. It did however ask the government to approve it for a $9 billion credit line that it would access if its financial situation took a turn for the worse.
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Brookly McLaughlin, Bush, Ford, General Motors, Stocks to Watch, Us Treasury, USD
 About Daniel Shepard (http://www.navivest.com/blog)
Daniel Shepard is an Equity Analyst with Navivest, a stocks and options trading advisory services company that provides trading ideas on a subscription basis. |
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