WASHINGTON – The Treasury Department says it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.
The Treasury said that the payment was made to GM on Wednesday and provides working capital to the company.
A government report revealed earlier this week that the Treasury was prepared to provide GM with up to $5 billion more in federal loans and Chrysler with up to $500 million more in bailout support as they race against deadlines to restructure.
GM has until June 1 to complete restructuring plans that satisfy the government’s auto task force, while Chrysler has until April 30.