Politics | General Motors GM Borrows Another $4B From Feds Company to cut 3,400 more white-collar jobs amid restructuring By Rob Quinn Posted May 23, 2009 6:09 AM CDT Copied Ken Lewenza, president of the Canadian Auto Workers Union, announces a cost-cutting deal has made with GM at a press conference in Toronto, Canada yesterday. (AP Photo/The Canadian Press, Chris Young) General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during restructuring efforts. GM is widely expected to file for bankruptcy next week. The loan is $1.4 billion more than expected, which GM said was due to "updated timing of when certain expenses would be incurred." The automaker, which reached a cost-cutting deal with the Canadian Auto Workers union yesterday, plans to cut another 3,400 white-collar jobs in the US, the Detroit Free Press reports. Read These Next This publication's review of Melania just got much worse. Power glitch interrupts first Winter Olympics event. Prominent law firm chairman faces up to Epstein revelations. During active shooter situation, a helicopter goes down. Report an error