General Motors will receive its second US$5.4bn portion of its government loan on 16 January, the US Treasury has said.
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In a transaction report for its bailout fund, cited by Reuters, the Treasury said it had approved the release of a total of $9.4bn for GM, including $4bn on 31 December and $5.4 bn for 16 January.
The Treasury has agreed to lend GM another $4bn using funds would come from a second $350bn tranche of the $700bn Troubled Asset Relief Programme (aka TARP), which Congress could block, the report noted.
Along with the $4bn Chrysler loan, the Treasury has now distributed $19.4bn under its Automotive Industry Financing Programme which includes the two GM loan parcels plus $6bn of support for financier GMAC.
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