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Fri May 22, 2009
GM borrows additional $4 billion from government
New York, NY – New York, NY (AP) - General Motors Corp. says it has borrowed an additional $4 billion from the U.S. government.
GM had already borrowed $15.4 billion and previously said it would need to borrow an additional $2.6 billion more by June 1. But in a regulatory filing Friday, GM says it needs an extra $1.4 billion before that date. The company borrowed the additional money Friday.
Because it is borrowing more money now, GM says it now will need $7.6 billion in loans after June 1, instead of $9 billion. Friday's loan installment means GM has now borrowed $19.4 billion from the Treasury Department.