GM pays back government loans
Published on Wednesday, April 21, 2010
General Motors Co. said it has repaid the U.S. and Canadian governments $5.8 billion for loans that helped fund the U.S. automaker last year.
(Photo Associated Press: General Motors CEO Ed Whitacre said the early payback of the loans is a sign that the automaker's plan is working.)
GM owed the U.S. government about $4.7 billion and the Canadian government, $1.1 billion. The automaker emerged from bankruptcy last July.
"Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign our plan for building a new GM is working," GM CEO Ed Whitacre said in an opinion piece in Wednesday's edition of the Wall Street Journal.
GM had a good sales month in March, recording an increase of 33,000 units.
Source : Autoweek.com