In Michigan
4:45 pm
Tue December 15, 2009

CEO: GM to repay government loans by end of June

DETROIT, MI –
General Motors chairman and CEO says GM plans to repay all of its $6.7 billion in government loans by the end of June.

Ed Whitacre Jr. says the company plans to make quarterly installments starting this month with a $1.2 billion payment. He says it could repay sooner but that hasn't been decided.

In addition to the loans, GM has received $45.3 billion in aid from the government which was converted into an equity stake.

Whitacre also says government pay restrictions will make the search for a new CEO more difficult, but he's confident the company can still find a strong leader.

Fritz Henderson resigned on Dec. 1 after he and the board differed on the direction of the company.