Peacetrain
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Tue Dec-15-09 11:03 AM
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CEO: GM to repay government loans by end of June |
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DETROIT – General Motors Co. plans to pay all of its $6.7 billion in government loans by the end of June, Chairman and CEO Ed Whitacre Jr. said Tuesday.
The automaker plans to make quarterly installments starting this month with a $1.2 billion payment, Whitacre said. He said GM could repay the loan sooner but that hasn't been decided.
GM has received $52 billion total in aid from the government as it navigated bankruptcy protection earlier this year. Of that total, $45.3 billion was converted into equity, giving the government a 61 percent stake in the automaker.
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Clio the Leo
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Tue Dec-15-09 11:06 AM
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1. My daddy always told me..... |
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"be sure to NEVER owe money to the Feds." ;)
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Peacetrain
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Tue Dec-15-09 11:10 AM
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Kdillard
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Tue Dec-15-09 11:10 AM
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2. Happy to hear it and we will get the rest back once the stocks go public. |
Peacetrain
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Tue Dec-15-09 11:11 AM
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4. Yep, just enough grease to get the cart moving again.. |
Romulox
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Tue Dec-15-09 11:22 AM
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5. This would seem less like a stunt if the President's people weren't controlling GM. |
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Edited on Tue Dec-15-09 11:22 AM by Romulox
And, more importantly, if GM weren't still bleeding cash. :shrug:
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NJmaverick
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Tue Dec-15-09 11:46 AM
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6. This is great news and I wish it got more press |
Peacetrain
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Tue Dec-15-09 11:48 AM
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7. Yep Obamas team did loans instead of bailouts..but there you have it.. they are paying back |
boomerbust
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Tue Dec-15-09 12:00 PM
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Ford stock is on fire. 52 week low, $1.50 a share. todays high $9.46 a share.
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DU
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Mon Apr 29th 2024, 07:20 PM
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