GM Pays Off Government Loans

General Motors Company Chairman and CEO Ed Whitacre today announced that GM has made its final payment of $5.8 billion to the U.S. Treasury and Export Development Canada, paying back its government loans in full, ahead of schedule. This is great news for GM and its employees, including the workers at Chevrolet's Corvette factory in Bowling Green, Kentucky. GM's return to financial health is good news for Corvette enthusiasts.

The announcement came at a ceremony to highlight an investment of $257 million at GM's Fairfax, Kansas, and Detroit Hamtramck assembly centers. The U.S., Canadian, and Ontario governments, as part of the launch of the new GM, provided loans of $8.4 billion and took equity stakes in the new company. The payment of this $5.8 billion ($4.7 billion to the U.S. Treasury and $C1.1 billion to Export Development Canada) completes the payback of these loans.

Since the company went through bankruptcy last year, GM has announced investments of more than $1.5 billion at 20 facilities in the U.S. and Canada. These investments restored or created more than 7,500 jobs.