GM pays U.S. Treasury $2.1 billion for preferred shares

GM pays U.S. Treasury $2.1 billion for preferred shares

Automotive News | December 15, 2010 – 2:46 pm EST

WASHINGTON (Reuters) — General Motors Co. has completed the buyback of the government’s holdings of GM preferred stock issued in the automaker’s bailout for $2.1 billion, the U.S. Treasury Department said today.

The repurchase brings GM’s total repayments to U.S. taxpayers to $23.1 billion, including $13.5 billion received from the automaker’s initial public offering last month, the Treasury said.

The government has invested a total of about $49.5 billion in GM, which was steered through a government-sponsored bankruptcy in 2009.

The GM Series A preferred stock buyback, agreed in October at $25.50 a share, reduces the Treasury’s holdings in GM to about 500 million shares of GM common stock, or around a 33 percent stake.

As of this afternoon, that stake would be worth about $16.88 billion.

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
Voith 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