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Mon April 19, 2010
AP source: GM to repay government loan before June
A person briefed on the matter says General Motors Co. CEO Ed Whitacre will announce on Wednesday that the company will repay its remaining $4.7 billion in U.S. government loans earlier than expected.
The person says Whitacre will make the announcement at the GM assembly plant in Kansas City, Kansas. Then he will head for Washington, D.C. to meet with government officials. The person did not want to be identified because the details have not been announced.
GM said during its fourth-quarter earnings announcement on April 7 that it planned to repay the money by June, five years ahead of schedule.
A GM spokesman would not comment.
GM received $52 billion in U.S. government aid. Of that, $6.7 billion was considered loans. The company already has repaid $2 billion.