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?
[Source: General Motors]
[Source: General Motors]
GM Announces Repayment of Additional $1.0 Billion of Debt
Korean credit facility repaid
2010-11-30
DETROIT – General Motors Company announced today that its GM Daewoo Auto & Technology, Inc. subsidiary (GM Daewoo) will fully repay its Korean revolving credit facility this month.
The facility had a drawn balance of $1 billion (USD) as of September 30, 2010.
General Motors CFO Chris Liddell said, "Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet. Our objective remains to have minimal debt and a fully funded pension plan."
Korean credit facility repaid
2010-11-30
DETROIT – General Motors Company announced today that its GM Daewoo Auto & Technology, Inc. subsidiary (GM Daewoo) will fully repay its Korean revolving credit facility this month.
The facility had a drawn balance of $1 billion (USD) as of September 30, 2010.
General Motors CFO Chris Liddell said, "Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet. Our objective remains to have minimal debt and a fully funded pension plan."
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