All articles tagged with #government loan
Spirit Airlines is burning through cash with only days of liquidity left as talks for a government-backed rescue stall; a proposed $500 million loan would give the government up to 90% control, but key creditors oppose the deal, delaying bankruptcy proceedings and leaving the carrier in reorganization with a potential sale looming.
The United Auto Workers (UAW) union’s President Shawn Fain criticized the US Department of Energy for offering a conditional commitment to provide a $9.2 billion loan to Ford and SK On’s BlueOval battery plant joint venture, stating that it would create 7,500 low-road jobs without considering wages, working conditions, union rights, or retirement security. The UAW president believes that Ford-SK’s loans would “enrich Ford shareholders” but shortchange communities and UAW members. The loan is expected to boost the legacy automaker’s battery manufacturing business in the United States and increase its electric vehicle output to 2 million units annually.