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GM, Chrysler Share Plans, Seek $17B More In Loans

Law360 (February 17, 2009, 12:00 AM EST) -- General Motors Corp. asked for an additional $12 billion in federal loans and Chrysler LLC a further $5 billion as part of restructuring plans unveiled Tuesday, a federally mandated deadline established when the two members of Detroit’s struggling Big Three automakers accepted more than $14 billion in emergency government funds late last year.

Even with the massive amounts of federal money, the two automakers said they would have to cut thousands of jobs.

GM said it would cleave 47,000 workers from its payroll and eliminate five...
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