GM to begin repaying aid by year-end - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

camaro5 · 11-16-2009, 02:25 AM

Quote:

AP Source: GM to start paying back $6.7 billion worth of government debt by end of 2009

By Ken Thomas, Associated Press Writer

On 12:26 am EST, Monday November 16, 2009

WASHINGTON (AP) -- General Motors Co. will begin paying back $6.7 billion in U.S. government loans by the end of 2009 and could pay off that full amount by 2011, four years ahead of schedule, according to a person familiar with the matter.

The government debt represents about 13 percent of the $52 billion that U.S. taxpayers have invested in General Motors, the majority of which was exchanged for a 61 percent ownership stake in the company.

GM will announce the repayment plan Monday when it releases its preliminary third-quarter earnings results, the person said, speaking on condition of anonymity. The person was not authorized to speak publicly about the plan ahead of the announcement.

http://finance.yahoo.com/news/AP-Sou...45959.html?x=0

Good news!

*Mr. Wyndham* · 11-16-2009, 02:26 AM

boxmonkeyracing · 11-16-2009, 04:05 AM

so when can I buy stock?
lol

*Mr. Wyndham* · 11-16-2009, 09:02 AM

Quote:

Originally Posted by boxmonkeyracing

so when can I buy stock?
lol

Next year some time...but you have to get behind me.

rodimus prime · 11-16-2009, 09:11 AM

Thats if the Govt lets them pay it back. Remember there were banks that wanted to pay them back early too, and big brother said get bent.

*Mr. Wyndham* · 11-16-2009, 09:13 AM

Quote:

Originally Posted by rodimus prime

Thats if the Govt lets them pay it back.

They will. The gov't has their nose in, but does not control, most of their financial decisions...they wouldn't be able to make this announcement if those board members didn't okay it.

camaro5 · 11-16-2009, 04:34 PM

Quote:

Originally Posted by boxmonkeyracing

so when can I buy stock?
lol

Quote:

Originally Posted by Dragoneye

Next year some time...but you have to get behind me.

Yes. Someone asked Fritz about the IPO, and he said he wanted to make more progress towards profitability first.

I'll be watching too.

11-16-2009, 02:26 AM	#2
Mr. Wyndham I used to be Dragoneye... Drives: 2018 ZL1 1LE Join Date: Jan 2007 Location: Buffalo, NY Posts: 31,873 View My Garage	__________________ *"Keep the faith."* - Fbodfather

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11-16-2009, 09:11 AM	#5
rodimus prime Account Suspended Drives: Cargo van. Join Date: Jul 2009 Location: Metal Metal Land Posts: 1,247	Thats if the Govt lets them pay it back. Remember there were banks that wanted to pay them back early too, and big brother said get bent.