mobile-menu-icon
GM Authority

Breaking: General Motors To Buy Back $2.8 Billion Worth Of Shares From U.S. Treasury, Secures $5 Billion In Credit

You read right. General Motors will be ripping out a fairly large chunk of its debt from the U.S. Treasury through the reimbursement of $2.8 billion in shares. The company also announced that it plans to buy back an additional $2.8 billion of its own shares from the United Auto Workers, and will add upwards of $6 billion to its pension plans.

Finally, The General has secured a credit line valued at $5 billion through “a syndicate of banks.” Though the company does not really plan to use the additional capital, the money will come as a great source of backup funds if needed.

Former staff.

Subscribe to GM Authority

For around-the-clock GM news coverage

We'll send you one email per day with the latest GM news. It's totally free.

No Comments yet

Leave a comment

Cancel