GM begins to pay back loans, will be finished by June, 2010

By Auto News Log • December 22nd, 2009

General Motors has given an early Christmas present to the US and Canadian governments, as it has begun paying back the large sums of money it received from the two entities.

The US government has received $1 billion, while the Canadian one “just” $192 million. The company also highlighted the fact that it wants to pay back all of the money it owes as early as June, 2010, which is definitely optimistic, to say the least.

The US government still owns around 60% of GM, but will soon organize a stock offering, where it hopes to get rid of those stocks. Perhaps this is the first step towards the revival of the giant carmaker, but given the economy is still shaky, to say the least, nothing is certain.

Source: Autocar

 

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