GM Loans Lordstown Motors $40M to Buy, Retool Plant

LORDSTOWN, Ohio – General Motors LLC has agreed to provide $40 million in financing to Lordstown Motors Corp. – enough to cover the company’s purchase of GM’s shuttered Lordstown Complex and some initial startup costs at the plant -- according to legal documents filed late last week. An open-end mortgage instrument filed in the Trumbull County recorder’s office Dec. 5 and dated Nov. 7 enables Lordstown Motors to borrow up to $40 million -- up to $50 million if necessary -- from GM.

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