Under the plan submitted to the U.S. Treasury Department, GM loans and lines of credit would total $30 billion.
GM would also cut 47,000 jobs globally by year end and close five U.S. plants by 2012. It raised the possibility of killing the Saturn brand when production of its current models ends in 2012.
GM received the last installment of a previously approved $13.4 billion loan today, but is requesting another $4.6 billion to meet its Dec. 2 request of $18 billion. It then will ask for $4.5 billion to help it repay a revolving line of credit coming due in the fall of 2011.
GM also is seeking a $7.5 billion revolving line of credit to help it if auto sales worsen later this year or next year. GM plans to start repaying the loans in 2012.
+ Chrysler Requests Another $2 Billion in Aid
+ GM, Chrysler Win U.S. Aid of $17.4 Billion Announced By Bush
+ Jan. 2009 Auto Sales: Chrysler/GM/Ford Lead Fourth 30% Monthly Drop
+ Chrysler Get $4 Billion U.S. Government Loan
The proposals are contained in a restructuring plan made public by GM today. Both GM and Chrysler LLC were required to deliver plans to the Treasury Department today. Chrysler is asking for an additional $2 billion in loans.
GM, Chrysler and Ford Motor Co. today also said they reached new tentative labor agreements with the UAW. The deals, still subject to worker ratification, are expected to lower labor costs further from the 2007 contract agreement.
