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GM Makes Final $5.8B Payment to US and Canadian Governments
In brief: General Motors has announced that they've made their final payment of $5.8 billion to the U.S. Treasury and Export Development Canada.
GM CEO Ed Whitacre made the announcement at a press conference, saying this pays their loan obligations to the governments in full and ahead of schedule.
Last year, both the U.S. and Canadian governments loaned $8.4 billion to GM and took equity stakes in the company as part of the bailout and restructuring plan. The bulk of the $5.8 billion paid today ($4.7 billion) went to the U.S.
GM has had good sales numbers, with GM brands up 36% through March versus the same quarter last year.
And so ...
No word yet on whether the respective governments will be selling their shares to divest themselves of partial ownership.
Photo credits: GM
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