Detroit, Michigan – General Motors has confirmed that it will draw an additional US$2 billion in loans from the U.S. Treasury to maintain adequate liquidity as the company undergoes an aggressive restructuring.
As indicated in GM’s February 17, 2009 viability report to the Treasury, the additional funding is consistent with projected incremental draws that GM could need in the second quarter of 2009.
This loan draw brings the total U.S. Treasury funding received by the automaker to date to $15.4 billion.
“We appreciate President Obama’s and his Administration’s ongoing support of GM and the domestic U.S. auto industry as we undertake the difficult but necessary actions to reinvent our company,” the automaker said in a statement. “We will continue to work closely with members of the President’s Auto Task Force through our reinvention and together we will continue to monitor our liquidity needs during this period.”