General Motors Chairman and acting CEO Ed Whitacre Jr. said earlier today that the company plans on paying all of its $6.7 billion in government loans by the end of June. GM received a total of $52 billion in bailout money from the U.S. government – of that, $45.3 billion was converted into equity, giving the government a 61 percent share in the automaker.
Whitacre said that GM plans to make quarterly installments starting this month with a $1.2 billion payment. He said GM could pay the loan sooner but hasn’t decided on anything yet.
The Chairman and CEO also said that the company has no specific schedule for an IPO, which would be necessary for the government to get back the rest of its investment into the Detroit automaker.
Whitacre, as many of you know by now, took over as CEO on Dec.1 after Fritz Henderson resigned following differences with the board over the direction of GM.
– By: Stephen Calogera