GM gets $4 billion, Chrysler still waiting

General Motors has received the first $4 billion of the loans it was granted by the Bush Administration but Chrysler is still waiting for its funds. The two automakers were guaranteed a total of $17.4 billion in bridge loans to help them get through a liquidity crisis caused by the collapse of the credit markets.

Brookly McLaughlin, a Treasury spokeswoman, said the government is working with Chrysler to get final details worked out “on a timeline that will meet near-term funding needs.”

Chrysler spokeswoman Lori McTavish said the company will be able to operate until the funds become available.