GM Repays $1.2B of U.S., Canadian Government Loans
General Motors Co. says it has repaid $1 billion of its loans to the U.S. government and $192 million to the Canadian government, reported The Associated Press.
The automaker says it followed through on a commitment to begin repaying the loans by the end of this month.
Chairman and CEO Ed Whitacre Jr. says in a statement that GM looks forward to repaying all of its loan balances by the end of June. He says the repayments are contingent on no downturns in the economy or GM's business.
GM owes the U.S. government $52 billion, with $6.7 billion of that in loans. At least part of the rest will be repaid when GM issues stock, perhaps as soon as next year.
The automaker also owes the Canadian and Ontario governments about $1.4 billion.
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