Jump to content
Sign in to follow this  

GM to make another round of loan payments to taxpayers

Recommended Posts

GM to make another round of loan payments to taxpayers



General Motors plans to make another round of $1.19-billion loan payments to the U.S. and Canadian governments on Wednesday, the company said today.

Last December, the Detroit automaker made similar payments as part of its efforts to pay off the $6.7 billion U.S. and $1.4 billion Canadian government loans.

“Given the progress the company is making, GM has every confidence that the remainder of the loans will be paid in full by June 2010; five years ahead of schedule,” GM Chairman and CEO Ed Whitacre said in a statement.

Paying off the loans is only the first step for taxpayers to get their money back from helping GM stay alive last year. The next step will be launching GM as a public company again.

GM is expected to release its fourth quarter financial results from last year soon.

Today, industry analyst Eric Selle of J.P. Morgan Chase estimated in a note to investors that GM could post $2 billion in earnings before interest, taxes, depreciation and amortization for the fourth quarter.

He also said GM’s enterprise value in 2011 could be $67 billion.

GM Chief Financial Officer Chris Liddell earlier this month said it’s possible that GM could launch a public offering later this year if several factors were in place, such as an improved economy.

He also said there’s a reasonable chance GM could be profitable this year.



Share this post

Link to post
Share on other sites

Your content will need to be approved by a moderator

You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets



Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.