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GM: We Need Another $4.5B Now, Possibly $7.5B Later

Last updated on Wednesday, February 18, 2009

(DETROIT, MI) - General Motors and Chrysler both say, not only do they need the rest of the already-approved motor city bailout money, they need more yet.

Our partners at Fox News report that GM is requesting an additional $4.6 billion in loans through April, plus access to an additional $7.5 billion line of credit, should conditions continue to worsen, and asked to defer payment of a $4.5 billion dollar credit line until 2011.

GM has also said that they plan on even more drastic cuts than the ones announced in December, including 14 factories to be mothballed by 2012 instead of the original 9, and will cut 47,000 jobs worldwide by the end of this year, as well as accelerating consolidations of its dealer network.

In all, new aid requests between GM and Chrysler will ring the register at about $22 billion.

No word yet on whether cuts will affect the Bedford plant.

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