CEO: GM to repay government loans by end of June

[Peacetrain]

DETROIT – General Motors Co. plans to pay all of its $6.7 billion in government loans by the end of June, Chairman and CEO Ed Whitacre Jr. said Tuesday.

The automaker plans to make quarterly installments starting this month with a $1.2 billion payment, Whitacre said. He said GM could repay the loan sooner but that hasn't been decided.

GM has received $52 billion total in aid from the government as it navigated bankruptcy protection earlier this year. Of that total, $45.3 billion was converted into equity, giving the government a 61 percent stake in the automaker.

[Clio the Leo]

1. My daddy always told me.....

"be sure to NEVER owe money to the Feds." ;)

[Peacetrain]

3. No kidding..

[Kdillard]

2. Happy to hear it and we will get the rest back once the stocks go public.

[Peacetrain]

4. Yep, just enough grease to get the cart moving again..

[Romulox]

5. This would seem less like a stunt if the President's people weren't controlling GM.

And, more importantly, if GM weren't still bleeding cash. :shrug:

[NJmaverick]

6. This is great news and I wish it got more press

[Peacetrain]

7. Yep Obamas team did loans instead of bailouts..but there you have it.. they are paying back

[boomerbust]

8. And today

Ford stock is on fire. 52 week low, $1.50 a share. todays high $9.46 a share.