Automakers seek $6B aid package from Ontario, federal government
Friday, December 5th, 2008
CBC News
December 5, 2008
The Canadian subsidiaries of the Detroit Big Three automakers have asked the federal and Ontario governments for financial aid that could total as much as $6 billion.
GM Canada, Ford of Canada and Chrysler Canada made their requests Friday as they provided Ontario and the federal government with financial information and details of their restructuring plans that the governments asked for in return for considering a potential aid package.
Ontario Economic Development Minister Michael Bryant said GM is seeking an immediate $800 million bridge loan as part of a package of repayable loans that would ultimately total $2.4 billion.
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