General Motors continues to clean up its ledger book, and the latest transaction has GM wiping $1 billion off the table. In Korea, the GM Daewoo Auto & Technology subsidiary, otherwise known as GM Daewoo, plans to pay back the 10-figure debt it owes to its Korean revolving credit facility. The debt will be paid in full by the end of this month. Perhaps a commercial thanking the Korean credit market is in order?
According to The Detroit News, General Motors will announce that it is fully repaying the federal loans it received last summer from both the United States and Canadian governments. In total, General Motors will have paid back about $6.7 billion ($2 billion of which has already been returned) of the $50 billion it received from the U.S., the majority of which was recovered by acquiring a 61-percent share of the automaker.