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March 26, 2010

US: GM to make federal loan repayment next week

GM expects make a USD1bn loan repayment to the US Treasury next week as part of its promise to begin giving back government money ahead of schedule, according to media sources in the US.

GM expects make a USD1bn loan repayment to the US Treasury next week as part of its promise to begin giving back government money ahead of schedule, according to media sources in the US.

The company promised to pay back at least US$1bn of its USD6.7bn loan each quarter, with the final payment coming by the end of June.

Chairman and CEO Ed Whitacre has made repaying the money a priority as GM attempts to consign its troubled period that culminated in Chapter 11 bankruptcy to history.

Under the terms of the firm’s exit, the US government loaned GM USD50bn. The company is to repay USD6.7bn directly with the rest covered in the form of a 60% equity stake that the Treasury plans to start selling off after GM launches an IPO.

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