GM repays bailout fund US$2 billion

JAKARTA: To reduce its financial leverage, General Motors has repaid a further US$2.1 billion in government bailout funds, bringing the total sum recouped by taxpayers to more than US$23 billion.As cited on their official website, the 84 million shares
News Editor | 16 Desember 2010 01:43 WIB

JAKARTA: To reduce its financial leverage, General Motors has repaid a further US$2.1 billion in government bailout funds, bringing the total sum recouped by taxpayers to more than US$23 billion.As cited on their official website, the 84 million shares were bought today from the United States Department of Treasury (UST) at US$29,50 per share plus 2% premium. With the repayment, the one of the largest carmaker in the world has repurchased its shares under the one of the Departments Troubled Asset Relief Program (TARP).Temporary support through TARP to General Motors during the financial crisis was essential to preventing a devastating collapse of the American auto industry and saving more than 1 million American jobs. The fact that the auto industry has created tens of thousands of jobs since GM emerged from bankruptcy and that Ford, GM, and Chrysler are all operating at a profit for the first time in six years is further evidence that the decision to provide support was the right one, said Tim Massad, Acting Assistant Secretary for Financial Stability in the Department, as quoted at the official website of US Treasury.In October 2010, Treasury accepted an offer from GM for the company to repurchase its TARP preferred shares then invested US$49.5 billion in the carmaker company. To date, Treasury has made disbursements of US$389 billion under its Troubled Asset Relief Program authorization. (T05/NOM)

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Editor : Muhammad Fariz Aulia

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