On Friday, May 22, General Motors Corp. (GM), the world's second largest automaker after Toyota, borrowed another $4 billion loan from the US Treasury, taking its total federal funding to $19.4 billion.
In a filing with the US Securities and Exchange Commission, GM said that it expected to need another $7.6 billion from the US Treasury after June 1, which is the US government-imposed deadline for GM to restructure its finances or face bankruptcy protection.
GM has not yet detailed its plans for the additional loans but stated that it had sent a statement on its intended use of the funds to the US Treasury officials who approved the funding.