The loans serve as major lifelines to two of Detroit's Big Three automakers, both on the brink of failure, and for a U.S. industry that has lost more than 100 billion U.S. dollars since 2004, trimmed tens of thousands of jobs and closed numerous plants. In exchange, GM and Chrysler must execute drastic restructuring plans or face bankruptcy.
GM had faced the possibility of collapse as early as the first week of this month, when large supplier bills will come due, while Chrysler warned it could have collapsed early this year.
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