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GM to start repaying debt to U.S. government next month

Crabtownboy

Crabtownboy

Well-Known Member
Site Supporter
I was not sure they would ever pay anything back.

General Motors is expected to announce on Monday that it will begin repaying its debt to the United States next month, years earlier than required. It would be nice if the government ends up making a nice profit.

The nation's largest automaker plans to pay $1 billion per quarter until the $6.7 billion loan is repaid, according to a source familiar with the matter.

The plan does not cover all of the $50 billion the United States has invested in the company.

How much the government will receive on its investment depends on GM's eventual stock value. In exchange for the $50 billion, the United States holds the $6.7 billion debt, $2.1 billion in preferred stock and a 61 percent stake in the company.

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/15/AR2009111503270.html?hpid=topnews
Click to expand...
 
R

Revmitchell

Well-Known Member
Site Supporter
Interesting considering they just reported a one billion dollar loss in the last quarter alone.
 
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