GM still borrowing and avoids bankruptcy - KSLA News 12 Shreveport, Louisiana News Weather & Sports

GM still borrowing and avoids bankruptcy

UNDATED (KSLA) -The government is providing auto lender GMAC financial services with $7.5 billion in additional aid to keep loans flowing to would be buyers of General Motors and Chrysler vehicles.

Treasury Secretary Timothy Geithner says it will help stabilize the auto financing market which should help the economy.

Although GMAC is receiving more financial aid from the government, General Motors has managed a deal to help steer clear of bankruptcy court.

The deal has been made with the United Auto Workers to slash its costs and obligations tied to union workers and retirees.

The UAW is expected to accept stock instead of cash to cover future retiree health care costs.

GM still has to deal with an even tougher crowd, bondholders. GM is expecting to ask bondholder to swap $27 million in IOU's for only 10 percent of the restructured company.

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