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 Gavin Newsom has filed a massive lawsuit against Fox News. Actor Sam Rockwell gets residuals from movie he wasn't in. New York Times ranks the best movies of the 21st century. Supreme Court gives Trump big win on national injunctions. Report an error