GM to Repay More Than $1 Billion in Loans

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GM plans to make yet another round of loan repayments to the U.S. and Canadian governments worth about $1.19 billion, the company said Thursday.

After a similar payment in December, GM has made considerable progress in paying down the $6.7 billion and $1.4 billion in loans from the U.S. and Canada, respectively. CEO Ed Whitacre believes the loans can be repaid in full by June, which would put GM a full five years ahead of schedule.

Of course, that is not all the taxpayers have wrapped up in GM: The automaker must first relaunch as a public company again.

According to CFO Chris Liddell, even this is not so farfetched. Citing an improved economy as a critical factor and depending upon if GM can become profitable this year, Liddell says GM could launch a public offering as soon as late 2010.

GM to Make Another Round of Loan Payments to Taxpayers (Detroit Free Press)