GM expects to repay $1 billion loan to Treasury: report

Fri Mar 26, 2010 7:19am EDT

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files

The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009.

Credit: Reuters/Jeff Kowalsky/Files

(Reuters) - General Motors Co GM.UL expects to repay $1 billion to the U.S. Treasury on Wednesday, attempting to settle the loan with the government ahead of schedule, the Wall Street Journal said, citing a person familiar with the plan.

GM could not be immediately reached for comment by Reuters outside regular U.S. business hours.

Last November, GM had said it would begin making quarterly payments in December of $1.2 billion to the U.S. Treasury and the governments of Canada and Ontario.

The automaker was given $50 billion of government financing to restructure in a bankruptcy steered by the U.S. Treasury, which remains a 61 percent owner of GM stock.

(Reporting by Anuradha Ramanathan in Bangalore; Editing by Rupert Winchester)

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Comments (1)
Story_Burn wrote:
I for one really hope GM survives and flourishes

Mar 26, 2010 7:18am EDT  --  Report as abuse
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