Canada says Chrysler/GM asked for up to C$11.5 billion

Mon Mar 30, 2009 1:25pm EDT
 
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OTTAWA (Reuters) - General Motors Corp and Chrysler LLC have asked the Canadian and Ontario governments for up to C$11.5 billion in total loans, Canadian officials said on Monday.

The officials were briefing reporters as they disclosed plans to lend C$4 billion in bridge financing to the Canadian branches of General Motors and Chrysler -- C$3 billion to GM and C$1 billion to Chrysler.

The companies' longer-term requests, which had been provided earlier, were for about C$4 billion for Chrysler and C$6.5 billion to C$7.5 billion for GM, the officials said.

This total would include the C$4 billion of financing announced on Monday.

The officials stressed that even if the two companies do present acceptable restructuring plans, it was not certain that Canada and Ontario would grant the full amount of their loan requests.

($1=$1.26 Canadian)

(Reporting by Randall Palmer; Editing by Jeffrey Hodgson)