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GM repays another billion of its debt


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GM repays another billion of its debt

by Jeff Glucker (RSS feed) on Dec 1st 2010 at 6:15PM

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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]

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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."

link:

http://www.autoblog.com/2010/12/01/gm-repays-another-billion-of-its-debt/

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GENERAL MOTORS TO REPAY $1B DEBT WITH KOREAN CREDITOR

By Mark Kleis

General Motors recently held its highly anticipated initial public offering in an effort to pay back a significant portion of the billions it borrowed from U.S. taxpayers, but today the globally operating automakers says it is prepared to pay off a billion dollar debt to a Korean revolving credit agency.

According to an announcement by the automaker today, GM Daewoo Auto and Technology Inc., a subsidiary of General Motors, is ready to fully repay a balance of $1 billion to an unnamed Korean revolving credit facility. The payment will take place before the end of December, 2010.

“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,” said Chris Liddell, GM CFO.

link:

http://www.leftlanenews.com/general-motors-to-repay-1b-debt-with-korean-creditor.html

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