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General Motors Plans Loan Repayment

By Scott Sarvay
June 18, 2010 Updated Dec 15, 2009 at 12:29 PM EST DETROIT (Indiana's NewsCenter) - General Motors' Chairman and CEO says the automaker plans to repay all of its $6.7 billion in government loans by the end of June. Ed Whitacre-Junior says the company plans to make quarterly installments starting this month with a 1.2 billion payment. In addition to the loans, GM has received 45.3 billion in "aid" from the government, which was converted into an equity stake. Whitacre also says government pay restrictions will make the search for a new CEO more difficult, but he's confident the company can still find a strong leader.
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