agent Entrepreneur logo
MenuMENU
SearchSEARCH

GM Has Repaid U.S., Canada $5.8 Billion

April 21, 2010
2 min to read


DETROIT - General Motors Co. has completed repayments totaling $5.8 billion to the U.S. and Canadian governments for loans that helped fund the U.S. automaker's bailout last year, Reuters reported. GM, which emerged from bankruptcy in July 2009, had pledged two weeks ago to repay the balance of loans from the U.S. Treasury and Export Development Canada "in full by June at the latest." "Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working," GM CEO Ed Whitacre said in an opinion piece posted on the Wall Street Journal Web site. The loans had outstanding balances of about $4.7 billion to the United States and $1.1 billion to Canada after accounting for exchange rates. "It is also an important step toward eventually reducing the amount of equity the governments of the U.S., Canada and Ontario hold in our company," Whitacre said. GM received about $50 billion of U.S. government support in its bailout, much of which was converted to common and preferred stock in GM unaffected by the loan repayments. The U.S. Treasury holds a 60.8 percent stake in the common stock of GM, Export Development Canada 11.7 percent, the UAW health care trust 17.5 percent and old GM, now known as Motors Liquidation, holds 10 percent. The automaker has been preparing for an eventual public offering that would allow the governments to reduce their stakes in GM and earlier in April released the first full accounting of its balance sheet as a restructured company. GM reported a net loss of $4.3 billion for the period from its emergence from bankruptcy in July through the end of 2009, including a $3.4 billion net loss for the fourth quarter.

More Industry

Photo of two men in suit jackets shaking hands next to new car inside of a dealership
IndustryApril 23, 2026

A New Consumer Culture in the Auto Dealership

Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.

Read More →
Closeup of the side of an Audi car
Industryby Hannah MitchellApril 23, 2026

New-Vehicle Sales Down

A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.

Read More →
Photo of Cadillac Lyriq SUV on road with partly cloudy sky in background
Industryby Hannah MitchellApril 16, 2026

Used Autos Selling for More

A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.

Read More →
Ad Loading...
Photo of facade of Waldorf Toyota car dealership
Industryby Hannah MitchellApril 16, 2026

Maryland Auto Group Sells

A group out West picked up the major D.C.-area collection, putting it in the upper tiers of private automotive groups in the U.S.

Read More →
Line graphic showing Cox Automotive's March Credit Availability Index status
Industryby Hannah MitchellApril 13, 2026

Auto Lending Opens Up in March

Lenders loosened access for subprime borrowers, and consumers with negative equity reached a record high, Cox Automotive reported.

Read More →
electric vehicle next to an urban charging station. EV Demand Diverges. F&I and Showroom logo
Industryby Lauren LawrenceApril 10, 2026

EV Interest Varies Regionally

U.S. consumer interest in electric vehicles lags behind other countries despite the rising gas prices caused by the ongoing war in the Middle East.

Read More →
Ad Loading...
Photo of the rear of a Mercedes GLC 400 electric SUV with a skyline in the background
Industryby Hannah MitchellApril 10, 2026

Brands Weighed on Projected Recalls

Research reveals the brands and models most likely to have higher recall rates over their lifetimes. While some brands rank high, addressing safety issues can be a selling point.

Read More →
Photo of white 2026 Ford Bronco on a sandy beach
Industryby Hannah MitchellApril 10, 2026

March New-Vehicle Sales Don’t Reflect War

Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.

Read More →
Photo of several cars on lifts in a service center
Industryby Hannah MitchellApril 9, 2026

Franchised Dealers Stand to Gain Service Business

Cox Automotive research shows both the opportunities and the challenges in turning consumers’ growing affordability needs into increased fixed-operations revenue.

Read More →
Ad Loading...
Photo of office desk with open laptop on it and an empty chair next to it
IndustryApril 9, 2026

What Matters Most in Building Your Agency

The partner you choose for growth and expansion is key, because better is the ultimate goal instead of growth for growth’s sake.

Read More →