AUTOS
From Times Staff and Wire Reports
GM Obtains $20.6-Billion Credit Line: General Motors Corp. said it has reached agreements with a syndicate of 118 banks to provide $20.6 billion in credit lines for the auto maker and its financial services subsidiary. The agreements, which had been expected, shore up GM’s ability to borrow money in the United States and Europe. GM did not discuss commitment fees or interest rates. GM said the renegotiations covered more than half of the bank credit available to GM and its subsidiaries worldwide.
