Today, Treasury released a completed transaction report disclosing that two financial institutions had repurchased an aggregate of $77,193,000 of preferred stock issued to Treasury under the Capital Purchase Program (CPP), and one other financial institution that had previously repurchased Treasury's preferred stock paid an additional $1,200,000 to purchase Treasury's warrants, reducing Treasury’s total investment in financial institutions under the CPP (net of repayments) to $197,869,419,000. In addition, Treasury reported an additional $756,857,000 commitment under Chrysler's debtor-in-possession lending facility, raising Treasury's total DIP commitment to $3,800,000,000, and an additional $4,000,000,000 loan to General Motors, raising its total loan amount to $19,400,000,000. Each of the reported transactions was completed on May 20, 2009.
Separately, GM disclosed that, although it previously "forecasted that it would need an additional $2.6 billion of working capital loans" from the U.S. Treasury "prior to June 1, 2009 and an additional $9.0 billion after June 1, 2009, GM now forecasts it will require an additional $1.4 billion (over the previously forecasted $2.6 billion) prior to June 1, primarily to fund various amounts originally forecasted for after June 1. ... As a result of the accelerated borrowing of $1.4 billion, GM currently forecasts that under its Viability Plan it will require an additional $7.6 billion of funding from the U.S. Treasury after June 1, 2009." GM also disclosed that it has "reached a tentative agreement with the United Auto Workers, which was required to meet competitive costs benchmarks and the expectations of the U.S. and Federal governments for significant further reductions in the company’s longer term liabilities."