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In a filing with the U.S. Securities and Exchange Commission yesterday, General Motors Company said that it has $13.6 billion remaining in its U.S. government-funded escrow account as of October after it made payments related to the restructuring of its former parts subsidiary Delphi.

The Detroit automaker said that it had deposited $16.4 billion of cash left over from its government-funded bankruptcy into the escrow account when it came out of bankruptcy protection in July. Last month, GM used $2.8 billion of the cash to buy Delphi’s steering business and other assets under a plan to support Delphi’s reorganization in bankruptcy.

GM has not used any of the government reserve cash to cover operating expenses. The U.S. Treasury, which provided GM with about $50 billion in financing for it’s restructuring, owns more than 60 percent of the Detroit automaker.

- By: Omar Rana

Source: Reuters

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