US annouces 17.4 billion while Canada/Ontario pledge $4 billion for struggling automakers.
Posted by | Posted in Accounts Receivable Financing, Business Financing, Factoring | Posted on 22-12-2008
U.S. President George W. Bush dipped into the financial bailout package on Friday to offer $17.4 billion US in short-term loans to automakers. GM and Chrysler are expected to participate while Ford has stated that they are not in need of the money at the present time, but would be badly damaged if one or both of the other two companies were to go under. Ford has said the bailout will help stabilize the industry.
According to CNN George Bush stated that, “If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers.”
Prime Minister Stephen Harper along with Ontario Premier Dalton McGuinty announced a $4-billion bailout package for Canadian subsidiaries of the Big Three Detroit-based automakers.
The pair announced that the Canadian plan will provide GM Canada with loans of up to $3 billion and Chrysler Canada will receive up to $1 billion. The first payment will be issued December 29th and the next and final payment will be paid out within the next two months.
CBC news reported “that under the deal, GM and Chrysler are required to fulfill the following conditions:
* accept limits on executive compensation.
* pay money owed to Canadian parts suppliers.
* provide weekly reports on their finances.
* report any business transaction worth more than $125 million.”
The Canadian government will also extend additional accounts receivable insurance coverage for automotive suppliers. They will also set up a new facility to support access to credit for consumers.
In Ontario it is estimated that over 400,000 people and their families rely on the auto industry to maintain their family households. Moving forward this should help out struggling economies in Windsor and Oshawa, where recent statistics show unemployment insurance claims are up 45% and 100% in the month of November alone.
I for one am glad that the both governments have stepped up to help out. There is just too much at stake for both countries. Putting conditions in place is wise, as we have seen with the AIG business party, oh I mean plan.
[...] details: US annouces 17.4 billion while Canada/Ontario pledge $4 billion for struggling automakers. [...]
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