GM to make another round of loan payments to taxpayers

Posted: 5:33 p.m. March 25, 2010

GM to make another round of loan payments to taxpayers

By TIM HIGGINS

FREE PRESS BUSINESS WRITER

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
Seniority Lists
Recent Posts!
Bargaining Committee

Chairman
Mike Herron
President
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Committeepersons
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

President
Tim Stannard
Chairman
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Guide
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts
GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Neil Osborne
Retiree Chair
Mike Martinez

Get Text Alerts



asdasdsd

*Standard text messaging rates may apply from your carrier