GM begins repayment to US and Canadian Government - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

*DGthe3* · 12-18-2009, 06:43 PM

autoblog.com

I couldn't find the actual GM press release on their website, so here it is as reported by autoblog:

Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and $192 million to the Canadian government, and GM reiterated in the statement that it would complete payments totaling $6.7 billion (to the U.S. government) by June 2010.

Beyond the $6.7 billion GM owes the federal government is a 60 percent ownership stake Uncle Sam has on the 101-year-old automaker. When the General releases an initial public offering the resulting stock sale will (supposedly) buy the government out. Experts feel the IPO could happen as early as the second half of 2010. Hit the jump to read over the General's succinct press release.

PRESS RELEASE:

I am pleased to announce that today, GM followed through on its commitment to begin loan repayments to the U.S. and Canadian and Ontario governments. We paid $1.0 billion to the U.S. Treasury and $192 million to Export Development Canada.
We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business.

a_Username · 12-18-2009, 07:13 PM

That's very good news. Is that all the money they owed to the Canadians?

moto-camaro · 12-18-2009, 07:15 PM

good news; one step closer to being 'back to normal' per se.

any word on Chrysler?

*The_Blur* · 12-18-2009, 07:18 PM

That's good work, GM. Keep it up.

*DGthe3* · 12-18-2009, 11:11 PM

Quote:

Originally Posted by a_Username

That's very good news. Is that all the money they owed to the Canadians?

No. The Canadian federal government gave 10% of what the US provided, due population ratio this works out to the same per capita contribution. However, since GM doesn't really do anything outside of Ontario, the province matched the federal 10%. Considering the fact that Ontario has only around 11 million residents, this was a very large per capita contribution. After Ottawa and Toronto get their share of this money, GM will still owe nearly $1B to Canadians, split evenly between Ontario and everyone (including Ontario, again)

meanmike · 12-18-2009, 11:17 PM

It would be good new's if they were making a profit. Since we all know their not is it really a good thing?

*DGthe3* · 12-18-2009, 11:26 PM

Quote:

Originally Posted by meanmike

It would be good new's if they were making a profit. Since we all know their not is it really a good thing?

The auto industry seems to be on the rise again and this money is more or less unused from the loans. Since they figure they don't need it, they're giving it back. Plus, we don't know what their 4th quarter (ie right now) numbers are like. Yes, in Q3 they lost a billion, but I haven't heard any monthly statements since then.

meanmike · 12-18-2009, 11:32 PM

Quote:

Originally Posted by DGthe3

The auto industry seems to be on the rise again and this money is more or less unused from the loans. Since they figure they don't need it, they're giving it back. Plus, we don't know what their 4th quarter (ie right now) numbers are like. Yes, in Q3 they lost a billion, but I haven't heard any monthly statements since then.

I had no idea they did'nt use all of the money. Then good for GM I hope the best for them, and even Chrysler.

12-18-2009, 06:43 PM	#1
DGthe3 Moderator.ca Drives: 05 Grand Am GT Join Date: Jul 2007 Location: Niagara, Canada Posts: 25,372	GM begins repayment to US and Canadian Government autoblog.com I couldn't find the actual GM press release on their website, so here it is as reported by autoblog: Good news, the check is in the mail! General Motors issued a (very) brief press release this afternoon stating that the automaker had delivered on its promise to issue its first reimbursement checks to the U.S. and Canadian governments by the end of the year. GM sent $1 billion to the feds and $192 million to the Canadian government, and GM reiterated in the statement that it would complete payments totaling $6.7 billion (to the U.S. government) by June 2010. Beyond the $6.7 billion GM owes the federal government is a 60 percent ownership stake Uncle Sam has on the 101-year-old automaker. When the General releases an initial public offering the resulting stock sale will (supposedly) buy the government out. Experts feel the IPO could happen as early as the second half of 2010. Hit the jump to read over the General's succinct press release. PRESS RELEASE: I am pleased to announce that today, GM followed through on its commitment to begin loan repayments to the U.S. and Canadian and Ontario governments. We paid $1.0 billion to the U.S. Treasury and $192 million to Export Development Canada. We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business. __________________ Note, if I've gotten any facts wrong in the above, just ignore any points I made with them __________________ Originally Posted by FbodFather My sister's dentist's brother's cousin's housekeeper's dog-breeder's nephew sells coffee filters to the company that provides coffee to General Motors...... ........and HE WOULD KNOW!!!! __________________ Camaro Fest sub-forum

12-18-2009, 07:15 PM	#3
moto-camaro CEO of the Internet Drives: the Roflcopter Join Date: Mar 2009 Location: Halifax, NS Posts: 1,282 View My Garage	good news; one step closer to being 'back to normal' per se. any word on Chrysler? __________________

12-18-2009, 07:18 PM	#4
The_Blur Moderator Drives: 2018 Harley-Davidson Street Bob Join Date: Nov 2007 Location: San Diego Posts: 14,769	That's good work, GM. Keep it up. __________________ RDP Motorsport//GEN5DIY//Cultrag Performance//JPSS//Rodgets Chevrolet// Operation Demon//Buy at Invoice//RACECARWEAR RESPECT ALL CARS. LOVE YOUR OWN. warn 145:159 ban

12-18-2009, 07:13 PM	#2
a_Username Drives: 2010 2SS Camaro Join Date: Jul 2009 Location: Murfreesboro, TN Posts: 3,890 View My Garage	That's very good news. Is that all the money they owed to the Canadians?

12-18-2009, 11:17 PM	#6
meanmike Account Suspended Drives: FIRST ON RACE DAY Join Date: Feb 2009 Location: Indiana Posts: 1,170	It would be good new's if they were making a profit. Since we all know their not is it really a good thing?