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GM may repay loans sooner
Whitacre says GM may repay loans sooner
Posted on Wednesday, December 9th, 2009 at 3:33 PM EST.(Employee News)
General Motors Co. is considering repaying the balance of its government loans sooner than next June, Chairman and CEO Ed Whitacre said yesterday, the Detroit Free Press reported.
Last month, GM said it would begin making quarterly repayments later this month, the paper said. The first payments will be $1 billion to the U.S. government and $192 million to the Canadian government. The two governments helped GM establish an escrow account that contained $17.4 billion, more than enough to repay the balance immediately, the Free Press said.
Last month, GM said it expects to spend $8.1 billion of the fund’s money to repay the U.S. and Canadian loans, $2.8 billion for Delphi and $900 million for the Canadian health care trust, the paper said. “We’ve thought about it. We’ll be looking at that possibility,” Whitacre said during a Web chat with reporters, the story said. (Detroit Free Press)
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Rick
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