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  • Update: US gives carmakers time for overhaul, GM CEO to resign --media reportsPosted:17/07/2009 4:07 GMT by NeedToKnowNews
    The US government will provide ailing carmakers GM and Chrysler with fresh funds and more time to intensify their restructuring, according to media reports. GM will be given 60 days to find a way out of trouble. Chrysler will get an additional $6bln in government aid only if it completes an alliance with Italy's Fiat in 30 days. GM's CEO Rick Wagoner was forced to step down from his office. Most of the company's board members will also leave. GM's shares lost up to 20% in Frankfurt trading.
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