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Auto assistance is near, Granholm says on Wed Mar 04, 2009 11:32 am
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WASHINGTON -- Gov. Jennifer Granholm said Tuesday she expects President Barack Obama's task force on the auto industry to act "fairly soon" to rescue Detroit automakers and parts suppliers from imminent collapse.
Granholm's meeting was one of several the task force has set for this week, along with representatives of auto dealers, bondholders of General Motors Corp. and Fiat SpA CEO Sergio Marchionne, who was invited by the panel to discuss Fiat's proposed alliance with Chrysler LLC.
Chrysler has said it needs $5 billion before the end of the month to survive, while GM says it needs at least $2 billion by then and up to an additional $14.6 billion over the next couple of years. Auto suppliers also have sought tens of billions in aid, saying they could face a wave of bankruptcies this month because of steep cuts in production this year.
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Granholm's meeting was one of several the task force has set for this week, along with representatives of auto dealers, bondholders of General Motors Corp. and Fiat SpA CEO Sergio Marchionne, who was invited by the panel to discuss Fiat's proposed alliance with Chrysler LLC.
Chrysler has said it needs $5 billion before the end of the month to survive, while GM says it needs at least $2 billion by then and up to an additional $14.6 billion over the next couple of years. Auto suppliers also have sought tens of billions in aid, saying they could face a wave of bankruptcies this month because of steep cuts in production this year.
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