GM says it will make second loan payment to US, Canadian governments by March 31

By AP
Thursday, March 25, 2010

GM to make 2nd government loan payment by March 31

DETROIT — General Motors Corp. says it will make another $1.2 billion in loan repayments to the U.S. and Canadian governments by the end of this month.

It will be the company’s second quarterly payment on $6.7 billion in loans from the U.S. government and $1.4 billion owed to the Canadian and Ontario governments.

GM spokeswoman Noreen Pratscher says the automaker will pay $1 billion to the U.S. Treasury and $192 million to the Canadian governments. The company made the same payments in December.

She says GM still hopes to repay the entire loan before June.

GM received $52 billion from the U.S. government. After it repays the $6.7 billion, it would owe $45.3 billion. The company plans to repay as much as possible using proceeds from a public stock offering.

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