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By June 1, the Detroit-based automaker, which has already received $15.4 billion in federal loans, must gain significant concessions from stakeholders to continue to receive aid.
Under the outlines announced yesterday, the federal government would take an equity stake of at least 50 percent, the United Auto Workers would take as much as 39 percent, the company's bondholders would get 10 percent and the existing shareholders 1 percent.
In addition, the company said that they do not expect to make Hummers, Saabs or Saturns after this year.
http://www.washingtonpost.com/wp-dy...04/27/AR2009042700872.html?wprss=rss_business
Under the outlines announced yesterday, the federal government would take an equity stake of at least 50 percent, the United Auto Workers would take as much as 39 percent, the company's bondholders would get 10 percent and the existing shareholders 1 percent.
In addition, the company said that they do not expect to make Hummers, Saabs or Saturns after this year.
http://www.washingtonpost.com/wp-dy...04/27/AR2009042700872.html?wprss=rss_business