US Treasury Releases GM Bankruptcy Funds; More Bks Return TARP Dollars
05 Juni 2009 - 11:00PM
Dow Jones News
The U.S. Treasury Department said in a report released Friday
that it has made available $12.8 billion in funding to help pull
struggling auto maker General Motors Corp. (GMGMQ) through what is
promised to be a quick trip through bankruptcy court.
The Treasury Department has earmarked $30.1 billion in funds
from the Troubled Asset Relief Program, or TARP, to provide
financing for GM as it works its way through bankruptcy.
The Treasury this week also saw two additional banks return
funds they received through the TARP, the report said. Valley
National Bancorp (VLY) paid back $75 million of the $225 million in
government capital it received in November.
HF Financial Corp. (HFFC) repaid $25 million in TARP dollars,
the full amount of government capital it received in November.
-By Meena Thiruvengadam, Dow Jones Newswires; 202-862-6629;
meena.thiruvengadam@dowjones.com