| 96ukssob |
04-21-2010 09:26 PM |
GM Repays Govt Loan? What?
Heard this when I was in the liquor store tonight that GM has paid back their loan to the gov't and earlier than planned.
However reading the story, the "loan" is a fraction of what they were actually given...
Quote:
GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.
But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans.
The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year. The U.S. government now owns 61 percent of the company and Canada owns roughly 12 percent.
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http://www.google.com/hostednews/ap/...7WW_QD9F7I9B82
Now since they are repaying their loan, when am I going to get my $8k tax credit??? |
