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Automakers ask for a total of $6.8B from Canada in loans & credit lines
3:19PM

12/5/2008

The Canadian divisions of the Detroit Three automakers are seeking a total of $6.8 billion in loans and credit lines from Ottawa and Ontario.

Chrysler Canada has asked the Canadian government for $1.6 billion in energy loans while General Motors is seeking $2.4 billion in repayable loans.

GM is also seeking $800 million immediately to get through their liquidly problems. A source knowledgeable with the numbers says Ford Canada is seeking a $2 billion stand-by credit line.

It's not asking for any money up front.

The Detroit Three automakers were expected to announce their requests today, although Chrysler declined to provide numbers. (The Canadian Press, ccg)


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