Auto Suppliers to Get $5B Government Bailout

The auto-supplier industry will receive up to $5 billion in financing under a new program by the Treasury Department that’s part of a large effort to save the entire automotive sector amid a major downturn.

The Auto Supplier Support Program is meant to give “suppliers the confidence they need to continue shipping parts, pay their employees and continue their operations,” Treasury said in a press release.

On a conference call, a member of the Obama Administration’s automotive task force said that this was to help auto suppliers that were at risk of “literally ceasing operations.”

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- Posted: 2009-03-20 08:58:22

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