Open

Coming up

Don't miss

Replay


LATEST SHOWS

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

REPORTERS

Halal tourism on the rise

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

AFRICA NEWS

Search of Air Algerie crash site continues

Read more

WEB NEWS

NSA targets 'Tor' network users

Read more

WEB NEWS

Web users call for peace in Gaza

Read more

BUSINESS DAILY

French government hopes to collect €1.8bn from foreign accounts

Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

  • The centenary of Austria-Hungary’s calamitous last hurrah

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • UN Security Council calls for immediate Gaza ceasefire

    Read more

  • Nibali joins elite group with Tour de France win

    Read more

  • France calls on its nationals to leave Libya as violence escalates

    Read more

  • Boko Haram kidnap Cameroon minister's wife in deadly attack

    Read more

  • Muslims prepare for Eid al-Fitr festival

    Read more

  • ‘Irresponsible’ American dad tries to scale Mont Blanc with children

    Read more

  • Ukraine fighting prevents observers from accessing MH17 crash site

    Read more

  • In pictures: Crowds flock to enjoy the Tour de France show

    Read more

  • Netanyahu says Hamas 'violating its own ceasefire'

    Read more

  • Video: At the scene of the Air Algérie crash in Mali

    Read more

  • Costa Concordia arrives in port of Genoa to be scrapped

    Read more

  • In pictures: Youths clash with police at banned Gaza protest

    Read more

  • Russia lashes out at new EU sanctions over Ukraine

    Read more

  • Bodies of all Air Algérie crash victims to be brought to France

    Read more

  • Syrian army and ISIS both claim advances

    Read more

  • Briton kidnapped in Yemen freed after five months

    Read more

  • New round of Gaza ceasefire talks takes place in Paris

    Read more

Business

GM repays more than $1 billion of US and Canadian bailouts

Text by News Wires

Latest update : 2009-12-19

General Motors has paid one billion dollars to the United States and 192 million dollars to Canada as it starts reimbursing bailout loans from the two governments, reported the company's head on Friday.

AFP - General Motors has paid one billion dollars to the United States and 192 million dollars to Canada, an installment on a plan to repay the bailouts by the end of June, the head of GM said Friday.

The largest US automaker had announced Tuesday that it would repay its 6.7 billion dollars in loans from the US government and 1.5 billion dollars in loans to the Canadian and Ontario governments.

Ed Whitacre, GM chairman and chief executive, said GM was "grateful" for the support the governments had provided through a bankruptcy reorganization that has kept GM in business.

"We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business," he said.

The automaker has already repaid a 900 million euro loan for its Opel unit in Germany.

General Motors received 49.5 billion dollars in US government aid amid its spectacular collapse. Much of that aid was converted into stock in the new company which emerged from bankruptcy protection in July.

The US government obtained a 61 percent stake, the Canadian government received an 11.7 percent stake, a United Auto Workers union retiree trust fund received a 17.5 percent stake and bondholders received a 10 percent stake.

GM has said it hopes to make an initial public stock offering as soon as is practical, which would allow the US and Canadian governments to draw down their stakes in the company.
 

Date created : 2009-12-18

COMMENT(S)