GM will start paying back loans next month
General Motors will announce later today its plans to begin repayment of their $6.7 billion dollar loan from the government. Starting next month, they will pay $1 billion each quarter until the full sum is paid.
The Washington Post made a good point, however, in that the amount the government gets back from GM depends on the value of their stock.
“With $6.7 billion in debt, $2.1 billion preferred stock and a 61 percent stake in the automaker, the $50 billion total is a long way off from being paid in full. And when GM reports its financial results tomorrow, it’s not expected to show a profit, although the overall picture could be slightly better than anticipated.” (source)
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