Politics | General Motors GM Borrows Another $4B From Feds Company to cut 3,400 more white-collar jobs amid restructuring By Rob Quinn Posted May 23, 2009 6:09 AM CDT Copied Ken Lewenza, president of the Canadian Auto Workers Union, announces a cost-cutting deal has made with GM at a press conference in Toronto, Canada yesterday. (AP Photo/The Canadian Press, Chris Young) General Motors has borrowed another $4 billion from the Treasury ahead of its June 1 deadline to restructure or face bankruptcy, the Wall Street Journal reports. A statement from the automakers said the loan, which brings the total borrowed to nearly $20 billion, is "to maintain adequate liquidity" during restructuring efforts. GM is widely expected to file for bankruptcy next week. The loan is $1.4 billion more than expected, which GM said was due to "updated timing of when certain expenses would be incurred." The automaker, which reached a cost-cutting deal with the Canadian Auto Workers union yesterday, plans to cut another 3,400 white-collar jobs in the US, the Detroit Free Press reports. Read These Next A Texas man's disappearance is fodder for true-crime mania. Kerr County considered a flood warning system years ago. Cancer claims the life of an MLB champ at 44. See the best BBQ cities in the US. Report an error