Source: GM to Begin Repaying Aid by Year-End - FOXNews.com
WASHINGTON -- 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.
Thank you, GM! It looks like the American Automotive industry is slowly recovering.
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