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24 November 2017 18:48 (South Africa)

G.M. to reimburse US taxpayers

Apart from the US$1-billion lent to the old incarnation of auto manufacturer General Motors last year, the company’s chairman Edward E. Whitacre Jr. said that G.M. intends to repay the entirety of its US$81-billion debt to US taxpayers. But a government report has stated otherwise, concluding that the US Treasury Department is unlikely to receive the full haul. The sums so far seem to come down on the side of government – the new G.M. is set to pay back US$6.7-billion in cash, and a further US$50-billion in stock, which the government hopes to make liquid through a public offering. Both the government and the company’s chief, Fritz Henderson, want G.M. to become a public company by 2010.  Read more: New York Times

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