Friday, May 14, 2010

Chrysler, GM in line for fed loans

Carmakers' chances are good for low-cost funds to retool plants

Washington -- Federal officials say General Motors Co. and Chrysler Group LLC face no major hurdles in winning billions of dollars in low-cost government loans to retool factories.
A decision on the loans is expected soon, said Matt Rogers, a senior adviser to the Energy Department. The department has been "quite engaged" with teams from both automakers to review their requests, he said. Neither automaker has publicly disclosed which plants are targeted.
GM has sought $14.4 billion in loans, including financing that Delphi Corp. had initially requested for plants that the Detroit automaker has since purchased. Chrysler has sought $8.55 billion....More

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