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Old 01-25-2010, 11:43 AM   #1
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GM to pay back US & Canada loans in June

• GM commits to paying back US and Canadian government loans by June

DETROIT – Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.

Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.

Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it.

“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company.

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Old 01-25-2010, 11:52 AM   #2
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Cool, amazing what gettin ridda all the deadwood can do for the forest!
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Old 01-25-2010, 11:53 AM   #3
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I sincerly hope they can accomplish this. I know that many of my friends within GM have been going through the mill lately.

Once they can regain their independence, they can start to focus even more on product and get the train back on the track!!
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Old 01-25-2010, 11:56 AM   #4
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Cool, amazing what gettin ridda all the deadwood can do for the forest!
I'd like to beleive the success of the Camaro played a substantial role as well.
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Old 01-25-2010, 12:22 PM   #5
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I'd like to beleive the success of the Camaro played a substantial role as well.
Without a doubt, it certainly helped.
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Old 01-25-2010, 12:24 PM   #6
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I am sure the Camaro had a big impact on the success of GM. The car that saved GM!!
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Old 01-25-2010, 01:27 PM   #7
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Too bad the retiree's are the one's that got the shaft to pay the loan money back. My grandfather did 35 years at Fisher Body and was given 1 day's notice that he no longer has health insurance. Unless he wanted to pay $150 more per month then his retirement. The UAW should be ashamed of themselves for screwing over those who suffered so they can flurish!
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Old 01-25-2010, 04:27 PM   #8
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Quote:
Originally Posted by ChevyTech View Post
• GM commits to paying back US and Canadian government loans by June

DETROIT – Edward E. Whitacre, Jr., has agreed to continue as chairman and CEO of General Motors, it was announced today.

Speaking at a press conference at GM’s headquarters, Whitacre also expressed the GM board’s commitment that the company will pay back in full the U.S. Treasury and the Canadian and Ontario government loans by June.

Whitacre’s appointment reflects GM’s progress since the new company was formed last summer. “The board of directors asked if I would be willing to stay on at GM and help continue the company’s road back to success,” Whitacre said. “Having spent the past few months learning the business, meeting with our employees, customers and dealers, and working with the GM leadership team, I was both honored and pleased to accept this role. This is a great company with an even greater future, and I want to be part of it.

“We’ve made significant progress in the past couple of months, so much so that I can confirm with certainty that we will pay back in full the U.S. Treasury and Canadian and Ontario government loans by June,” Whitacre said. “This represents a significant milestone in our journey back to being a profitable and viable company.

The term "payback loans" is a bit misleading. GM will repay the US Government the $6.7 billion in loans it received last year. But the US Government spent over $50 billion bailing out GM. The US Feds will still own 61% of GM (a debt repayment that was converted to equity).

How quickly the US Government sells it's shares will have a decided factor in the future of GM. I can appreciate that GM has made good money, and will be repaying the loans. But that amount is barely over 10% of what the Government put out to help. Hopefully the US Government doesn't go nuts and start dumping stock. (I seriously don't think they'd do this, but hey... we've seen weirder things happen.)

So far, so good! Let's hope it continues in the years to come!
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Old 01-25-2010, 04:28 PM   #9
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Originally Posted by 2010SSRSM6 View Post
Too bad the retiree's are the one's that got the shaft to pay the loan money back. My grandfather did 35 years at Fisher Body and was given 1 day's notice that he no longer has health insurance. Unless he wanted to pay $150 more per month then his retirement. The UAW should be ashamed of themselves for screwing over those who surrered so they can flurish!
We lost dental and vision...
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Old 01-25-2010, 07:06 PM   #10
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Quote:
Originally Posted by 2010SSRSM6 View Post
Too bad the retiree's are the one's that got the shaft to pay the loan money back. My grandfather did 35 years at Fisher Body and was given 1 day's notice that he no longer has health insurance. Unless he wanted to pay $150 more per month then his retirement. The UAW should be ashamed of themselves for screwing over those who suffered so they can flurish!
On the contrary...as bad as it is...and clearly unfortunate (I have relatives who've worked at GM, too) -- they should be commended for finally eliminating (if not completely) one of the bigger reasons GM was hurting in the first place.

EDIT: oh...and on topic -- good news!! Once this is payed off...all this money after June will be pure reinvestment/profit....and a billion or so a month is A TON of money!!!
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Old 01-25-2010, 07:35 PM   #11
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Cool, amazing what gettin ridda all the deadwood can do for the forest!
I am hoping by deadwood you mean the horendous legacy costs GM had on the books and not the people. I had to fire 5 people last year............all far from deadwood...........and I won't go into what happened to Mrs. Number 3, a 25 year veteran of GM who was "terminated" 2 weeks after receiving her 25 year service award.

Quote:
Originally Posted by 2010SSRSM6 View Post
Too bad the retiree's are the one's that got the shaft to pay the loan money back. My grandfather did 35 years at Fisher Body and was given 1 day's notice that he no longer has health insurance. Unless he wanted to pay $150 more per month then his retirement. The UAW should be ashamed of themselves for screwing over those who suffered so they can flurish!
Salaried employees took the burden here. The UAW is guaranteed no cost health care with minimal deductibles forever...........unless they mismanage the billions. Where do you think the other 30% of ownership went?

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Originally Posted by Ravirn View Post
The term "payback loans" is a bit misleading. GM will repay the US Government the $6.7 billion in loans it received last year. But the US Government spent over $50 billion bailing out GM. The US Feds will still own 61% of GM (a debt repayment that was converted to equity).

How quickly the US Government sells it's shares will have a decided factor in the future of GM. I can appreciate that GM has made good money, and will be repaying the loans. But that amount is barely over 10% of what the Government put out to help. Hopefully the US Government doesn't go nuts and start dumping stock. (I seriously don't think they'd do this, but hey... we've seen weirder things happen.)

So far, so good! Let's hope it continues in the years to come!
Our only hope is that it isn't all at once so President Obama can say, "see big government works. GM not only paid us back the loans but we made a profit on the stock!!!!!!! by selling it all to China"

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We lost dental and vision...
Thank you sir!!!!
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Old 01-25-2010, 09:53 PM   #12
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Now if only the GM losers would pay back all the shareholders they ripped off.
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Old 01-25-2010, 10:02 PM   #13
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Now if only the GM losers would pay back all the shareholders they ripped off.
Oh? Who is "they"? And would you like to credit them with 30 years of "good things turned bad" plus last year's perfect storm?

You could....I suppose. I'd be extremely asinine, though...
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Old 01-25-2010, 10:18 PM   #14
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Oh? Who is "they"? And would you like to credit them with 30 years of "good things turned bad" plus last year's perfect storm?

You could....I suppose. It'd be extremely asinine, though...
I corrected your I'd to it'd. You meant me.

I may have asinine thoughts, but don't you think building low quality cars and focusing on 5,000 lb. trucks was pretty asinine too for the last 10 years? Then they get the bailout and are then allowed to screw all of their faithful shareholders? Now they can start paying back their loans. Big whoop.

However, I am happy more GM employees did not lose their jobs.

All the big execs at GM are enjoying bonuses and fat cat life styles, even though they ruined the company. The rest of us are enjoying the economy GM helped ruin.
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