General Motors Receives Federal Bailout Installment

DETROIT (AP) - General Motors Corp. says it has received the second installment of its federal loan package.

The Detroit automaker says the $5.4 billion from the Treasury Department today, bringing the total received so far to $9.4 billion.

The company is supposed to get a total of $13.4 billion, with another installment coming Feb. 17.

That’s when GM is to submit a plan to the government to show how it will become viable.

GM had expected to get the second installment last week, and Chief Operating Officer Fritz Henderson said Tuesday that the
company would run out of cash without it.

Henderson said the loan money was delayed by a heavy workload at the Treasury Department and the change in presidents.