DETROIT (AP) -- Chrysler and General Motors say they appreciate the $17.4 million loan program announced by President George W. Bush.
Chrysler LLC Chairman Bob Nardelli says the Auburn Hills-based company is committed to meeting requirements set by the Bush administration.
GM put out a statement Friday, saying the deal will lead to a "leaner, stronger" automaker and preserve many jobs.
Detroit-based General Motors Corp. would get $9.4 million in loans and Chrysler would get $4 billion, this month and next. If they fail to produce restructuring plans by March 31, the companies will be required to repay the money.
Detroit Mayor Ken Cockrel Jr. is grateful but says it may not be enough money.