GM Expected to Announce Quick Loan Repayment

By: Associated Press
By: Associated Press

A person briefed on the matter says General Motors Co. CEO Ed Whitacre will announce on Wednesday that the company will repay its remaining $4.7 billion in U.S. government loans earlier than expected.

The person says Whitacre will make the announcement at the GM assembly plant in Kansas City, Kansas. Then he will head for Washington, D.C. to meet with government officials. The person did not want to be identified because the details have not been announced.

GM said during its fourth-quarter earnings announcement on April 7 that it planned to repay the money by June, five years ahead of schedule.

A GM spokesman would not comment.

GM received $52 billion in U.S. government aid. Of that, $6.7 billion was considered loans. The company already has repaid $2 billion.

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  • by Jesse Location: Lansing on Apr 20, 2010 at 05:42 AM
    I hope you don't use any of the financial institutions that recieved aid, and you expect them to pay it all back as well.
  • by Joe Location: Lansing on Apr 19, 2010 at 06:58 PM
    Pay it all back!
  • by Dan Location: Mason on Apr 19, 2010 at 05:57 PM
    Wow, 6 billion out of 50 something billion. Until all of the stock held by the government and the union is sold and the company is again "private". Only then will I even consider having a new "Gubmint Motors" vehicle in my driveway.
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