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US offers automakers $13b lifeline

AFP, Washington
The US government agreed yesterday to an emergency loan of 13.4 billion dollars to ailing automakers to stave off collapse of the sector that could deal a crippling blow to the economy The rescue announced could include up to four billion dollars more pending congressional approval.
General Motors and Chrysler were expected to draw on the funds immediately to avert bankruptcy, and will be required to implement new belt-tightening moves and demonstrate their longterm viability.
"These are not ordinary circumstances," President George W Bush said in announcing the aid.
"In the midst of a crisis and a recession allowing the US auto industry to collapse is not a responsible course of action."
The funds will be drawn from the Treasury's 700 billion dollar Troubled Asset Relief Program (TARP).
An additional four billion dollars from the TARP will be available in February, contingent upon congressional approval of the second portion of that program.
The automakers will have to take steps to demonstrate their viability by March 31.
"The automakers and unions must understand what is at stake and make hard decisions necessary to reform," Bush said. "We intend to send a clear message
to everyone involved in the future of American automakers."
He added that restructuring the industry would "require meaningful concessions from all involved in the auto industry."
Among the "targets" established by the loan would be a two-thirds reduction in debt by exchanging debt for equity, more flexible work rules and cuts in, wages tp make the companies competitive with foreign manufacturers established on US soil.
"The loan will be automatically called by the government and will be repaid in full if certain conditions are not met" by March 31, a senior administration official said.
"The most important one is that the firms must be viable."
The official added that "this does not mean the firms has to be profitable but clearly ... the firms have to be profitable soon."
Chrysler LLC chairman and chief executive Bob Nardelli a letter of intent for the loan had been signed.
"These requirements will require consideration from all constituents, requiring commitment first in principal, leading to implementation this comingyear," Nardelli said.