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February 17, 2009

2/3 Of Detroit's Rapidly Shrinking Three Submit Restructuring Plans And Oh Yeah, Ask For More Money

What's left of Chrysler and GM announced they may need a bit more than the 17.4 billion dollars they originally asked for. How much more? Oh maybe just an extra 20 billion dollars or so. Just put it on our tab.

General Motors and Chrysler went hat-in-hand to the US government Tuesday, calling for billions more in loans to stave off bankruptcy and win extra time to undergo painful restructuring.

Both companies met Tuesday's deadline to present plans to the US Treasury to convince government overseers of their long-term viability, one of the conditions of a 17.4-billion-dollar government bailout.

But in grim news they warned they both would need billions more in US government funding if they are to stay afloat, and would have to shed tens of thousands of jobs worldwide as well as cut unpopular lines.

General Motors said it could require a further 16.6 billion dollars to bring its total in US government aid by 2011 to 30 billion dollars, and said it would cut 47,000 jobs around the globe in 2009.

"If the new, even lower downside volume sensitivity scenario occurs, GM will require further federal funding ... which could bring total government support up to 30 billion dollars, by 2011," GM said in its restructuring plan.

Chrysler meanwhile called for an additional five billion dollars from the US government bailout loan program, as the industry, one of the key pillars of the US economy, reshapes in the wake of a global collapse in auto sales.

780 billion or so in Porkulus spending, possibly up to 30 or 40 billion in total for the auto makers UAW retiree health care providers, untold billions for banks and housing and pretty soon, we're talking some real money.

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posted by DrewM. at 08:02 PM

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