President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand
Shares of GM gained almost 6 percent and have rallied by more than 30 percent over the past 10 trading sessions amid growing confidence that officials will not push the top U.S. automaker into bankruptcy.
GM and Chrysler have taken $17.4 billion in emergency funding from the U.S. Treasury and have asked for another $22 billion to complete cost-cutting programs and ride out the weakest market for new cars in almost three decades.
The New York Times reported on Friday that the Obama administration was likely to give more aid to the embattled automakers while also setting a short-term deadline for the companies to reach deals to cut their debt with creditors and the United Auto Workers union.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment