GMAC might get another 6 billion from US government
Posted by admin . Published on 29 October 2009, Received
The US government has already provided 12.5 billion US dollars of tax payers’ money to GMAC in order to bail it out from the economic downturn, but that does not seem to be enough. The automobile finance major has now indicated to US FED that it needs another 5 to 6 billion dollars in order to avoid bankruptcy.
The company has time up to November 9th to get the new funds, failing which it has to file for bankruptcy. This will be the third tranche of funding for the company, if it goes through.
