April 20, 2010 – The US government is set to get more of its bailout money back, this time from the auto industry. General Motors will repay ahead of schedule $6.7 billion it borrowed from the government, the Associated Press reports.
The details are to be announced Wednesday by GM CEO Ed Whitacre, a source told the AP on condition of anonymity. GM received $52 billion in aid, with $6.7 billion considered a direct loan, of which GM had already repaid $2 billion.
The repayment of the loan will come five years ahead of schedule.
Read more at Automotive Industry Today:
GM Bailout news – http://automotive.einnews.com/news/bailout-gm
Ed Whitacre news – http://automotive.einnews.com/news/auto-edward-whitacre
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