G.M making first payment
General Motors, which emerged from a government-ordered bankruptcy restructuring earlier this year, will begin paying back its debt to the United States and Canadian governments earlier than expected, a person with direct knowledge of G.M.’s plans said Sunday night.
The company, which received $50 billion in government financing to avoid collapse, will make its first payment of $1.2 billion toward $6.7 billion of senior debt at the end of December, this person said on the condition of anonymity. About 85 percent of that will be paid to the United States government, and 15 percent to Canada. G.M stated each month they will be making these payments.
Not to sound cynical bit this is a good move by the company. I have never seen the interest they are carrying from, their bailout. It must be huge so every billion counts. To lower that interest
The company, which received $50 billion in government financing to avoid collapse, will make its first payment of $1.2 billion toward $6.7 billion of senior debt at the end of December, this person said on the condition of anonymity. About 85 percent of that will be paid to the United States government, and 15 percent to Canada. G.M stated each month they will be making these payments.
Not to sound cynical bit this is a good move by the company. I have never seen the interest they are carrying from, their bailout. It must be huge so every billion counts. To lower that interest
