Wednesday, 18 February 2009

GM, Chrysler restructuring plans

Secretary of the Treasury Tim Geithner announced late yesterday that he had received restructuring reports from Chrysler and General Motors Corporation as required under the terms of the loans made available to in December to help the domestic auto industry in becoming financially viable Later this week National Economic Council Director Lawrence Summers and Geithner will be convene the President's Task Force on Autos to analyze the companies' plans and to solicit the full range of input from across the Administration on the restructuring necessary for the two companies to be viable.
The full text of the GM plan (117 page pdf) and Chrysler plan (177 page pdf) are available on the Treasury Dept. website. Reuters has prepared "Factbox" highlights of both the Chrysler and the GM plans.

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