Beyond the $6.7 billion GM owes the federal government is a 60 percent ownership stake Uncle Sam has on the 101-year-old automaker. When the General releases an initial public offering the resulting stock sale will (supposedly) buy the government out. Experts feel the IPO could happen as early as the second half of 2010. Hit the jump to read over the General's succinct press release.
[Source: GM | Image: Bill Pugliano/Getty]
I am pleased to announce that today, GM followed through on its commitment to begin loan repayments to the U.S. and Canadian and Ontario governments. We paid $1.0 billion to the U.S. Treasury and $192 million to Export Development Canada.
We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business.