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Thread: Is GM ready to start repaying its debt?

  1. #1
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    Default Is GM ready to start repaying its debt?

    General Motors Co. will begin paying back $6.7 billion in U.S. government loans by the end of 2009 and could pay off that full amount by 2011, four years ahead of schedule, according to a person familiar with the matter.
    The government debt represents about 13 percent of the $52 billion that U.S. taxpayers have invested in General Motors, the majority of which was exchanged for a 61 percent ownership stake in the company.
    GM will announce the repayment plan Monday when it releases its preliminary third-quarter earnings results, the person said, speaking on condition of anonymity. The person was not authorized to speak publicly about the plan ahead of the announcement.

    http://www.capitolhillblue.com/node/20218

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    Senior Member K G's Avatar
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    They just announced they lost $1.5 BILLION in third quarter, Roger.... So much for their repayment plan....

    Got any more good news for us? I do....see the new thread...you'll LOVE it!!!

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

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    Quote Originally Posted by K G View Post
    They just announced they lost $1.5 BILLION in third quarter, Roger.... So much for their repayment plan....

    Got any more good news for us? I do....see the new thread...you'll LOVE it!!!

    kg
    Kg, here is another news source that says that GM will pay back the money starting in December 2009.

    GM reports $1.2 billion third-quarter loss

    Bailed-out automotive giant says it will begin to pay back U.S. loans

    DETROIT - General Motors Co. said Monday it lost $1.2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.
    The company also said it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It plans to repay the debt over the next eight quarters, but could pay it back as early as next year. But the money will come from funds loaned by the government.
    http://www.msnbc.msn.com/id/33961851/ns/business-autos/

    Aparently GM has found a way it can pay back the money starting in December, 2009

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    Senior Member Franco's Avatar
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    Not only did Gooberment Motors lose 1.5 BILLION, the money they are paying back is money the goobs loaned them!

    Kind of a shell game to me.

    I don't think tax payers will ever see their money back on this one. Not when the UAW and Gooberment running it!
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

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    Senior Member Franco's Avatar
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    Quote Originally Posted by Roger Perry View Post
    Kg, here is another news source that says that GM will pay back the money starting in December 2009.

    GM reports $1.2 billion third-quarter loss

    Bailed-out automotive giant says it will begin to pay back U.S. loans

    DETROIT - General Motors Co. said Monday it lost $1.2 billion from the time it left bankruptcy protection through Sept. 30, far better than it has reported in previous quarters and a sign that the auto giant is starting to turn around its business.
    The company also said it will begin repaying $6.7 billion in U.S. government loans with a $1.2 billion payment in December. It plans to repay the debt over the next eight quarters, but could pay it back as early as next year. But the money will come from funds loaned by the government.
    http://www.msnbc.msn.com/id/33961851/ns/business-autos/

    Aparently GM has found a way it can pay back the money starting in December, 2009
    It is a con or shell game!
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

  6. #6
    Senior Member K G's Avatar
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    Shhhh, Franco....don't tell Roger that....he'll start actually reading this stuff instead of just cutting and pasting...

    Got nuttin' but love for you, Roger, regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

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    Senior Member badbullgator's Avatar
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    Quote Originally Posted by K G View Post
    Shhhh, Franco....don't tell Roger that....he'll start actually reading this stuff instead of just cutting and pasting...

    Got nuttin' but love for you, Roger, regards,

    kg

    Facts? Roger Perry don't need no stinkin' facts.....
    Views and opinions expressed herein by Badbullgator do not necessarily represent the policies or position of RTF. RTF and all of it's subsidiaries can not be held liable for the off centered humor and politically incorrect comments of the author.
    Corey Burke

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    Senior Member Gawthorpe's Avatar
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    How about having GM answer this question:
    So you shut down the plant in Spring Hill, TN that was just re tooled last year.
    Then you black mailed TN to give you money to stay in TN.
    Then you took Federal Money.
    Now GM is refusing to sell the plant because the plant would make a competitor too competitive.
    People that could be working for Renault or Penske are now filing for unemployment.

    Quit pissing on our legs and telling us it is rain!!
    KARMA - The return on your entries will increase the sooner you decide to contribute one of your weekends to be in the judge's chair and judge others who have done the same for you.

  9. #9

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    It's a shell game as one man said. They got two loans from the goverment, one with intrest and one without. They are taking some of the money that they got with no intrest and paying down the loan with intrest! All I can say is that if you are going to buy an American Vehicle, buy a Ford!

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    Senior Member Franco's Avatar
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    Quote Originally Posted by ChessieMike View Post
    It's a shell game as one man said. They got two loans from the goverment, one with intrest and one without. They are taking some of the money that they got with no intrest and paying down the loan with intrest! All I can say is that if you are going to buy an American Vehicle, buy a Ford!
    I agree! Last thing we need is for the Obamanites to take over our entire auto mfg. industry.
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

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