Yesterday’s completed transaction report included the first round of funding under the Auto Supplier Support Program, originally announced on March 19. Funding for the program totaled $5 billion and was made following an announcement by Treasury of the participation of Chrysler LLC (Chrysler) and General Motors Corporation (GM). “The programs launched [on April 8, 2009] are open to any receivable created with respect to goods shipped after March 19, 2009 made on qualifying commercial terms.”
Loans made by Treasury under the program are being funded through two special purpose vehicles created by GM and Chrysler. A maximum of $3.5 billion and $1.5 billion will be made available through the GM and Chrysler special purpose vehicles, respectively. Suppliers interested in participating in the program were instructed to contact Chrysler and GM.