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General Motors has received another $2 billion loan from the Treasury for working capital but Chrysler has not received any new working capital, a transaction report for the Treasury's Troubled Asset Relief Program showed on Friday.
The Obama administration has said it plans to provide up to $5 billion in working capital for GM and $500 million for Chrysler as they race to meet restructuring deadlines to qualify for additional government funds.
The report, showing new TARP transactions closed on Wednesday, also showed that four banks returned $569.2 million in government capital invested in them.
The payments include $361.2 million from TCF Financial and $125 million from FirstMerit.
Meanwhile, CNBC has learned that GM [GM
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] plans to close its Pontiac brand for good. The official announcement is expected on Monday as part of GM's "deeper" reorganization plan. Pontiac market share has fallen to 1.9 percent so far this year, the lowest year on record. Sales in March 2009 represent about 11.3 percent of General Motors’ total.
And GM retirees will be asked to pick up more health-care costs, a contentious issue with the United Auto Workers union.
Separately, Chrysler's lenders have delivered another counteroffer to the Treasury Department as the two sides continue to haggle over Chrysler's debt, a person familiar with the matter told the AP. The offer was delivered Friday, but the terms were not immediately available.
The person spoke on condition of anonymity because the negotiations are private.
Earlier this week, the Treasury Department asked the lenders to forgive $5.4 billion of the $6.9 billion in debt in exchange for a 5 percent stake in the company.
The lenders had been seeking nearly a 40 percent stake to forgive just $2.5 billion.
Besides cutting labor costs and slashing debt, Chrysler must finalize a partnership with Italian automaker Fiat by the end of the month, or the Auburn Hills, Mich., automaker faces bankruptcy.
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Data is a real-time snapshot *Data is delayed at least 15 minutes