Getting your player ready...
DETROIT — General Motors plans to pay all of its $6.7 billion in government loans by the end of June, chairman and chief executive Ed Whitacre Jr. said Tuesday.
The automaker plans to make quarterly installments starting this month with a $1.2 billion payment. Whitacre said GM could repay the loan sooner.
GM has received $52 billion total in aid from the government as it navigated bankruptcy protection earlier this year. Of that, $45.3 billion was converted into equity, giving the government a 61 percent stake in the automaker.
Whitacre said GM has no timetable for an initial public offering of stock, which would be necessary for the government to recoup the rest of its investment.
