$17.4B total; $13.4B today for GM ($9.4B) and Chrysler ($4B), $4B balance in February.

The funds are coming out of the $700B financial stabilization fund, not as I understand the $25B Advanced Vehicle fund.

This is good news for the Volt and for the future of new vehicle manufacturers like Tesla, Fisker and Aptera, etc.

Bush: “These are not ordinary circumstances,... in the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. Chapter 11 is unlikely to work for the American automakers at this time.”

And the quid-pro-quo? The auto industry must reduce there debt to a third of today's value and renegotiate terms with the auto unions however, the exact details aren't binding; they must simply demonstrate that they are on a path to financial viability.

Next stop: March 31st when the new government will be called on to make the assessment; are they on a viable track or not? If yes, then there may be more funds available, if not, then the debt will be called in effectively closing both companies.

MPT