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