GM begins repayment to U.S. and Canadian governments
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12-19-2009 | 03:11 AM
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GM begins repayment to U.S. and Canadian governments
Filed under: Government/Legal, GM
Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and $192 million to the Canadian government, and GM reiterated in the statement that it would complete payments totaling $6.7 billion (to the U.S. government) by June 2010.
Beyond the $6.7 billion GM owes the federal government is a 60 percent ownership stake Uncle Sam has on the 101-year-old automaker. When the General releases an initial public offering the resulting stock sale will (supposedly) buy the government out. Experts feel the IPO could happen as early as the second half of 2010. Hit the jump to read over the General's succinct press release.
More...
Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and $192 million to the Canadian government, and GM reiterated in the statement that it would complete payments totaling $6.7 billion (to the U.S. government) by June 2010.
Beyond the $6.7 billion GM owes the federal government is a 60 percent ownership stake Uncle Sam has on the 101-year-old automaker. When the General releases an initial public offering the resulting stock sale will (supposedly) buy the government out. Experts feel the IPO could happen as early as the second half of 2010. Hit the jump to read over the General's succinct press release.
More...
Last edited by Jazz; 12-19-2009 at 07:06 AM.
