GM repays US loan, govt loss on bailout falls
Friday, 23 April 2010
WASHINGTON, Apr 22 (Reuters): General Motors Co and Chrysler Wednesday reported progress in their government-backed turnarounds, while the Obama administration still expects a loss on the taxpayer bailout of the industry although smaller than initially forecast.
GM Chief Executive Ed Whitacre announced at a plant in Kansas that the automaker had fully repaid US and Canadian government loans extended as part of its bankruptcy last year, and said there was "a real possibility" of an initial public offering this year.
"We are moving at GM and improving at a rapid pace," Whitacre said. "This is the new pace of GM today. GM's ability to pay back the loans ahead of schedule is a sign that our plan is working."
GM completed the repayment of its loans from the US and Canadian governments by paying the outstanding balances of $4.7 billion and $1.1 billion respectively.
Whitacre was scheduled to meet separately with Treasury Secretary Timothy Geithner and House Speaker Nancy Pelosi on Wednesday in Washington.
GM Chief Executive Ed Whitacre announced at a plant in Kansas that the automaker had fully repaid US and Canadian government loans extended as part of its bankruptcy last year, and said there was "a real possibility" of an initial public offering this year.
"We are moving at GM and improving at a rapid pace," Whitacre said. "This is the new pace of GM today. GM's ability to pay back the loans ahead of schedule is a sign that our plan is working."
GM completed the repayment of its loans from the US and Canadian governments by paying the outstanding balances of $4.7 billion and $1.1 billion respectively.
Whitacre was scheduled to meet separately with Treasury Secretary Timothy Geithner and House Speaker Nancy Pelosi on Wednesday in Washington.