The company has received a total of $52 billion in U.S. government aid, with the $6.7 billion considered a loan. The rest would be repaid when the company sells stock to the public, perhaps later this year.2010 Camaro photo video included: here.
Once the loans are paid back, GM would still owe $45.3 billion to the government. That will be repaid with the stock offering, which GM Chief Financial Officer Chris Liddell said would take place "when the markets and the company are ready."
Liddell said earlier this month that GM could report a profit as early as this year. GM said it lost $3.4 billion in the fourth quarter of 2009 on revenues of $32.3 billion.
The U.S. government owns about 61 percent of the Detroit automaker, which came in exchange for the aid.
It also will repay early the $1.4 billion borrowed from the Canadian and Ontario governments, the person said. The company already has repaid $384 million. Michigan Auto
Tuesday, April 20, 2010
GM Repaying Loans Ahead of Schedule
naysayers including yours truly.