U.S. Army Captain Michael Kelvington, commander of the Battle company, 1-508 Parachute Infantry battalion, 4th Brigade Combat Team, 82nd Airborne Division, bows next to remains of Gulam Dostager, a member of Afghan Local Police who was killed in the blast of an Improvised Explosive Device (IED) during the joint Tor Janda (Black Flag in Pashtu) operation, in Zahri district of Kandahar province, southern Afghanistan May 25, 2012.  REUTERS/Shamil Zhumatov  (AFGHANISTAN - Tags: MILITARY CIVIL UNREST CONFLICT TPX IMAGES OF THE DAY)

Reuters Photojournalism

Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography.  See more | Photo caption 

Members of the U.S. Navy Blue Angels fly over the World Trade Center in lower Manhattan as part of the 25th annual Fleet Week celebration in New York, May 23, 2012.  REUTERS/Eduardo Munoz (UNITED STATES - Tags: MILITARY ANNIVERSARY TPX IMAGES OF THE DAY)

Fleet Week

The U.S. Navy takes Manhattan for a week.  Slideshow 

Photo

The SpaceX mission

A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station.  Slideshow 

FACTBOX: Lawmakers weigh $15 billion for automakers

Sun Dec 7, 2008 2:10pm EST

(Reuters) - U.S. congressional leaders and the White House are working to reach agreement on a rescue package for U.S. automakers of about $15 billion, less than half the amount they told Congress last week they needed to survive.

Any deal is likely to include conditions on the automakers possibly including the creation of a government "car czar" to oversee the bailout, new corporate leadership and additional concessions by the United Auto Workers union.

General Motors Corp, Chrysler LLC and Ford Motor Co asked for a total of $34 billion in government loans and credit lines at Congressional hearings on Thursday and Friday.

But the automakers and their financial affiliates have been seeking other government funds as well.

The three U.S. automakers have all separately applied for funding available under the $25 billion loans already appropriated by the U.S. Department of Energy to help automakers meet new fuel economy mandates.

GMAC, Ford Motor Credit and Chrysler Financial, the financing arms for the automakers, have also all applied for banking status and made it clear that they would use that to access loans from the Federal Reserve.

Chrysler Financial and GMAC, both controlled by Cerberus Capital Management, have also both said they want a share of the $700 billion financial rescue package, the Troubled Asset Relief Program enacted in October to help the banking industry.

Following are the details of the funding sought by each automaker.

GM:

* $12 billion in loans and a $6 billion revolving line of credit for auto operations.

* Applied for $3.6 billion in loans from the U.S. Department of Energy and plans to make a second loan application to offset the cost of retooling factories to make more fuel-efficient cars.

* GMAC, in which GM holds a 49 percent stake has said it wants to be considered for a share of the $700 billion financial rescue money. GMAC has not disclosed the amount it is seeking. It has also applied for bank status.

FORD

* $9 billion credit line for auto operations.

* $5 billions in loans from the Department of Energy.

* Ford Motor Credit, the automaker's captive finance arm, has applied for a banking license and for funding from the TARP. The amount has not been disclosed.

CHRYSLER

* A $7 billion bridge loan to fund its auto operations.

* $8.5 billion in loans from the Department of Energy.

* Its captive financial arm, Chrysler Financial, has applied for a banking license and for $3.6 billion from the

TARP.

(Reporting by Soyoung Kim and Donna Smith; editing by David Wiessler)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.