General Motors has now received a delayed payment of a $5.4bn loan installment under emergency funding provided by the US government.
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“GM confirmed that it did receive [on Wednesday] the second draw of its US Treasury loan,” GM spokeswoman Renee Rashid-Merem told Reuters.
As the news agency noted, GM chief operating officer Fritz Henderson had said late on Tuesday that the automaker would have run out of cash and faced bankruptcy if it had not been given the second loan tranche – the payout was the second of a total of $13.4bn pledged to GM using funds from the federal government’s Troubled Assets Relief Programme (TARP).
GM has now received $9.4bn and expects to receive a final $4bn payment on 17 February, the deadline for submitting a restructuring plan to Congress.
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