Thursday, December 4, 2008

Big Three Not So Big Now

Big Three Fight for Their Lives
By Daniel Politi
Posted Wednesday, Dec. 3, 2008, at 6:31 AM ET

The New York Times, Washington Post, Los Angeles Times, and Wall Street Journal lead with the restructuring plans that Detroit's Big Three presented to lawmakers yesterday in hopes that they will help garner support for billions of dollars in government assistance. On the same day as new industry-wide figures revealed that November was the worst sales month in 26 years, two of Detroit's giants made it clear they're hanging on by a string. General Motors could collapse by the end of the year and said it needs an immediate injection of $4 billion and will need as much as $18 billion in loans over the next year. Chrysler could suffer a similar fate and asked for a $7 billion loan before the end of the year, and Ford asked for a $9 billion line of credit but took pains to emphasize that it might not need it. The automakers will make their case to lawmakers this week, and Democratic leaders said they hope to have a bill ready by next Friday.

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