GM seeks help from other governments

By News on the Net —— Bio and Archives February 21, 2009

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General MotorsCorp., which is asking for U.S. aid in its bid to survive, is looking to five other governments for financial help, the company acknowledges.

The company is in talks with government officials from Canada, Germany, Sweden, Thailand and the United Kingdom, the Detroit Free Press reported Friday. The restructuring plan the company proposed this week includes up to $6 billion in aid from foreign governments, to be applied to GM's non-U.S. operations, the newspaper said. GM's overseas operations have helped offset losses at its North American operations, but as the auto industry crisis has grown internationally, GM divisions overseas face cuts, the Free Press said. More...