General Motors and Chrysler presented long-awaited restructuring plans on Tuesday, but said they would need up to $21.6bn more in federal funds between them to carry them out. The two Detroit carmakers made the plea as part of tougher new downsizing plans in submissions to the government required as a condition of the $17.4bn of emergency bridge loans they received in December. Their request for more funds reflects lowered assumptions about global demand for cars and credit market conditions, just as the Obama administration prepares to implement its $787bn stimulus bill.

This entry was posted by Gwen Robinson on Wednesday, February 18th, 2009 at 5:37 and is filed under Capital markets. Tagged with chrysler, gm. Edit this entry.