General Motors:
• Seeking $18 billion split into a $12 billion term loan (of which $4 billion would be provided by the end of December) and $6 billion revolving line of credit if conditions deteriorate.
• CEO Rick Wagoner would get salary of $1 in 2009, and GM's board members would receive retainer of $1 for the year.
• Would reduce hourly and salaried employees to between 65,000 and 75,000 by 2012, compared with 96,000 now.
• Expects to cut dealer locations by 1,750, to 4,700 by 2012.
• Would seek concessions from UAW to get "right-sized."
• Expects to fully repay the loans by 2012.
Ford:
• Asking for access to standby revolving line of credit of up to $9 billion at government borrowing rates for a 10-year term.
• CEO Alan Mulally would get salary of $1 if Ford uses any loan money.