GM Wants Another $16 Billion

DETROIT (AP) - General Motors Corp.'s restructuring proposal
says the company may need up to $30 billion in government loans as
it implements a survival plan that includes cutting 47,000 jobs and
closing five more U.S. factories.
GM submitted the dire plan to the Treasury Department on Tuesday
to explain how the Detroit automaker will become viable and repay
its loans. It says GM will try to borrow up to $16.6 billion more
from the government, on top of the $13.4 billion it has already
received.
With the restructuring, GM expects to start repaying the
government in 2012 and fully pay off the loans by 2017.
GM says it has considered the option of bankruptcy, but the only
credit available to finance a reorganization would be from the
government, and it could cost as much as $100 billion.

(Copyright 2009 by The Associated Press. All Rights Reserved.)