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GM to repay U.S., Canada by June
GM to repay U.S., Canada by June
Posted on Tuesday, December 15th, 2009 at 4:02 PM EST.(Employee News)
General Motors Co., the automaker that restructured in a 40-day bankruptcy, plans to repay government loans by the end of June, Chief Executive Officer Ed Whitacre said, Bloomberg reported.
The automaker owes the U.S. government $6.7 billion out of $50 billion in assistance from the U.S., Canada and Ontario governments, the news service noted. The loans had a scheduled maturity date of July 2015. The automaker, 61 percent owned by the U.S. government, doesn’t have a timetable for public trading of its shares, Whitacre told reporters, Bloomberg said.
The U.S. Treasury selected Whitacre, a former AT&T Inc. chairman and CEO, to lead the new GM board, the news service said. While he serves as interim chief, the automaker is using Spencer Stuart, an executive-search firm, to find a replacement, the story said. (Bloomberg)
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Rick
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