GM firmly on road to viability: Treasury

The Treasury confirmed that GM had repaid in full the $4.7 billion balance it owed under the government's Trouble Asset Relief Program, five years before the loan maturity date and ahead of an accelerated repayment schedule set last year.

"We are encouraged that GM has repaid its debt well ahead of schedule and confident that the company is on a strong path to viability," Treasury Secretary Timothy Geithner said in a statement.

The company has now repaid a total $6.7 billion in debt owed to the treasury after a bailout last year. GM emerged from bankruptcy in July 2009.

"This continued progress is a positive sign for our auto investment - not only more funds recovered for the taxpayer but also countless jobs saved and the successful stabilization of a vital industry for out country," Geithner said.

Read Full Article from Reuters

- Posted: 2010-04-21 13:22:47

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