GM to Make Second Government Loan Payment by March 31
DETROIT — General Motors Corp. says it will make another $1.2 billion in loan repayments to the U.S. and Canadian governments by the end of this month, The Associated Press reported.
It will be the company's second quarterly payment on $6.7 billion in loans from the U.S. government and $1.4 billion owed to the Canadian and Ontario governments.
GM spokeswoman Noreen Pratscher says the automaker will pay $1 billion to the U.S. Treasury and $192 million to the Canadian governments. The company made the same payments in December.
She says GM still hopes to repay the entire loan before June.
GM received $52 billion from the U.S. government. After it repays the $6.7 billion, it would owe $45.3 billion. The company plans to repay as much as possible using proceeds from a public stock offering.
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