General Motors said Wednesday it had received a delayed payment of $5.4bn under the emergency funding provided by the US government to keep it in business, reports Reuters. GM said late Tuesday that it would have run out of cash and faced bankruptcy if it had not been given the second loan tranche from the US government. The loan payout was the second in a total of $13.4bn pledged to GM by the US Treasury. GM has now received $9.4bn of that amount and expects to get a final $4bn payment on Feb 17 when it faces a deadline to submit a restructuring plan to Congress.

This entry was posted by Gwen Robinson on Thursday, January 22nd, 2009 at 5:48 and is filed under Capital markets. Tagged with gm. Edit this entry.