US Treasury finalises $4b loan for GM

The US Treasury said late Wednesday it had finalized a 4-billion-dollar emergency loan for troubled automaker General Motors.
The department "today finalized the loan transaction for GM and funded the first tranche of 4 billion dollars," said Treasury spokeswoman Brookly McLaughlin.
The loan is part of a 13.4-billion-dollar rescue package the US government approved this month for GM and Chrysler to stave off collapse amid tight credit and dismal sales.
GM would receive a total of 9.4 billion dollars in loans through January, and could obtain an additional four billion dollars from February pending congressional approval. Treasury has also provided six billion dollars in aid to GMAC, GM's financial arm.
McLaughlin said the agency is "working expeditiously with Chrysler to finalize that transaction and we remain committed to closing it on a timeline that will meet near-term funding needs.”