Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, December 3, 2008
(UNDATED) - Seems business in Detroit is not as good as originally thought, and nobody thought it was good to begin with.
After yesterday's plan release from Detroit CEOs Rick Wagoner, Alan Mulally and Bob Nardelli, what was originally thought to be a $25 billion emergency loan now has the potential, if approved by congress, to turn into $34 billion.
The Detroit News reports Cerberus-owned Chrysler, LLC seems they're in the most dire of straits, saying they need about $7 billion to keep the lights on.
General Motors says they could use $12 billion post haste, needing $4 billion of that before New Year's, and needs access to an additional $6 billion next year just in case.
Ford is in the best shape, saying they don't need anything now, but are still requesting access to a $9 billion line of credit in case the sour economy gets downright bitter.
All this coming after news the entire auto industry is at a 26-year-low in sales, with the top makers dropping another 30-47% in November.
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