Update: Big 3 loan reached…Dubyah to speak LIVE 9:00am EST….

Video of Dubyah announcement now up here

Update 3: 10:19am EST: Breakdown coming out on Big 3 loans:  GM to receive 4 billion on  12/29, another 5.45 b on 1/16/09…Chrysler to receive up to 4 b on Dec 29th (don’t get me started they should’ve gotten nada, they are privately owned by Cerberus who refused to put up any more cash..at least Kokomo will have work, they better reopen those plants..)..Ford had said they were okay pending no further market deterioration in sales…

GM to hold presser in 44 mins, CNBC to cover it LIVE

UPDATE 2: 10:03am EST:  CNBC reports that an additional 4 billion in loans is expected to come from TARP tranche Deux in February, contingent upon 2nd tranche approval by Congress…so total is 13.4 billion immediately, additional 4 billion from TARP part Deux under PEBO (which will give PEBO the opening to change the requirements :0))

UPDATE: 8:52am EST: The loan is a done deal. 13.4 Billion from TARP…

  • Govt will have power to block large transactions,
  • govt gets warrants ahead of all stakeholders
  • new agreements with stakeholders, dealers, suppliers required by March 31st
  • work rules and wages must be competitive by December 31, 2009…
  • positive net present value by March 31, 2009, must reduce debt by 2/3

This can be modified by PEBO when he gets in…..

John Harwood of CNBC notes: In other words had the Senate GOP gone thru with the legislation the Big 3 would have had force of law pressuring them to make changes; because this comes from POTUS and TARP, PEBO can rework it all, and nothing is in stone, yep,  silly GOP lost it’s best chance to put binding rules on Big 3…..I laugh at Richard Shelby, ha ha ha…..

CNBC reporting President Bush will address the nation on the status of the Big 3 Bridge Loan in 30 mins..

CNBC will cover it live

WOS is, it will cover GM/Chrysler and include most of the concessions the Senate bill contained…

FYI, Toyota is expected to announce its first loss today…methinks that helped get this done now and not a week from now….whatever it takes as Cramer says…

Happy Holidays to all the auto workers and their families, God Bless ya, without ya there would never have been a middle class….

December 19, 2008. Tags: , , , , , , , , , , , , , , , . Big 3, Economy, Entertainment, Fantasy, Film, Foreclosures, Housing, Labor Department, Popular Culture, TARP, Unemployment Statistics, Wall St.

One Comment

  1. » Breaking: Big 3 loan reached…Dubyah to speak LIVE on Big 3 loan 9:00am EST…. replied:

    […] 95%BIZ wrote an interesting post today onHere’s a quick excerpt UPDATE: 8:52am EST: The loan is a done deal. […]

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