At Dow Jones‘s MarketWatch, see “GM, Chrysler request up to $39 billion in loans“. The lead:
General Motors Corp. and Chrysler LLC, both drowning in debt as car sales continue to spiral downward, submitted requests to the U.S. Treasury late Tuesday that, if granted, could provide up to $39 billion in emergency loans to keep the automakers from falling into bankruptcy.
As the Wall Street Journal notes, GM also has outlined a “bankruptcy contingency” plan, which it said would require up to $100 billion in financing from Treasury should GM take the conventional Chapter 11 route. In any event, GM will also
shut five more factories on top of the closures it had already planned. In addition, it plans to eliminate thousands of dealerships and slash 47,000 jobs this year around the world, leaving it with a work force of about 200,000.
All of the above is true. WAC? has not made anything up yet today.