Earlier this morning, General Motors Chairman/CEO Ed Whitacre announced that GM has paid back $5.8 billion from the “bailout” – five years ahead of the planned repayment schedule. General Motors received around $50 billion from the US and Canadian government with roughly $42 billion converted into GM stock and the remaining $8 billion to be repaid in cash.
Less than a year after General Motors came out of their bankruptcy proceedings the company has managed to pay back the entire amount owed to the two government bodies. The entire bailout process has taken its toll on the company, shoving GM out of the Fortune 500’s top ten for the first time in over 100 years, but with sales numbers booming thanks to the success of a handful of new vehicles GM appears to be doing a nice job of crawling out of this hole.
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