Getting your player ready...
WASHINGTON — The Treasury Department will pump up to $5 billion in financing into troubled auto-parts suppliers to prevent an auto industry collapse that could undermine the government’s work to restructure General Motors and Chrysler.
The funds, announced Thursday, will be made available from the government’s Troubled Assets Relief Program, or TARP, in a financial entity similar to a revolving credit. Large suppliers would be eligible for financing on auto parts they have shipped to the Detroit automakers but have not yet received payment for.
