Parts of Detroit Three's plans
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.
• Already planned to convert three North American truck plants to small car production and will allocate about half of future plant capacity to small and midsize vehicles.
• Plans to double the number of flex-fuel vehicles by 2010 and have half of its fleet capable of using E85 by 2012.
Chrysler:
• Seeking a $7 billion bridge loan by the end of 2008 in addition to $6 billion from an already approved Energy Department program to encourage production of fuel-efficient cars.
• Expects to spend $11.6 billion in the first quarter, including $8 billion to parts suppliers.
ASSOCIATED PRESS
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