11-16-2009, 02:25 AM
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#1
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Drives: X-15 Velocipede
Join Date: Mar 2008
Location: SW Florida
Posts: 4,630
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GM to begin repaying aid by year-end
Quote:
AP Source: GM to start paying back $6.7 billion worth of government debt by end of 2009
By Ken Thomas, Associated Press Writer
On 12:26 am EST, Monday November 16, 2009
WASHINGTON (AP) -- General Motors Co. will begin paying back $6.7 billion in U.S. government loans by the end of 2009 and could pay off that full amount by 2011, four years ahead of schedule, according to a person familiar with the matter.
The government debt represents about 13 percent of the $52 billion that U.S. taxpayers have invested in General Motors, the majority of which was exchanged for a 61 percent ownership stake in the company.
GM will announce the repayment plan Monday when it releases its preliminary third-quarter earnings results, the person said, speaking on condition of anonymity. The person was not authorized to speak publicly about the plan ahead of the announcement.
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http://finance.yahoo.com/news/AP-Sou...45959.html?x=0
Good news! 
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