Getting your player ready...
DETROIT — General Motors Corp. received its first multibillion-dollar loan installment from the Treasury Department on Wednesday night, right in time to avert a financial disaster in which the struggling automaker might have been unable to sustain operations and pay suppliers.
“Treasury today finalized the loan transaction for GM and funded the first tranche of $4 billion,” said Treasury spokeswoman Brookly McLaughlin in a written statement.
The funds are the first portion of $9.4 billion in low-cost loans that GM is expected to receive from the government.
