The heat is on for General Motors Corp. and Chrysler Holding LLC, which are scheduled to submit their restructuring plans before end of day Tuesday. The companies, along with their financing divisions, have received a total $25 billion from the Treasury Department through the Troubled Asset Relief Program on the condition they release strategic plans to restructure their businesses, cut production costs and ultimately pay the government back the loans.
GM is slated to received an additional $4 billion Tuesday, bringing the total amount of capital given to GM to $14,284,024,131– according to information released by the Treasury. Chrysler has received $4 billion in all. GM’s financing arm, GMAC LLC, has received $5 billion, while Chrysler Financial Services Americas LLC has received a loan up to $1.5 billion.
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