GM To Pay Back Canadian and U.S. Loans By June, No Saab Deal (Yet)
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During this morning’s press conference, GM CEO and Chairman Ed Whitacre announced plans to repay the company’s U.S. and Canadian government loans as early as June 2010. The General received $6.7 billion from the U.S. federal government last year.
Whitacre was very optimistic about The General’s future, citing a stabilized market share even after cutting its brand portfolio in half last summer. He also told reporters that GM is “well ahead of metrics outlined in our viability plan,” something that “makes all of us happy.”
After announcing his permanent appointment to the position of CEO, Whitacre gave a very succinct update on Saab, saying that talks with Spyker Cars are ongoing, but the two companies have no deal to announce as of this morning. Whitacre added that “as of today, we have not changed the direction on the wind-down of the operation.”
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