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General Motors to Make Second Loan Payment of $1 Billion to the U.S.(0)
2011 Chevrolet Volt by General Motors
General Motors Co. said it will make its second loan payment to the U.S. and Canadian Government on March 31st and reaffirmed their plan to pay back the loans by mid year.
GM will make a payment of $1 billion to the U.S. Treasury on the way to paying back $6.7 billion. At the same time General Motors will send $192 million toward paying off its Canadian loan of $1.4 billion. The first payments to the U.S. Treasury and Canadian government were made in December of 2009.
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General Motors reinstating more than 580 rejected dealerships
GM Dealership Sign
General Motors is preparing to reinstate most of the rejected dealerships that applied for arbitration, sources familiar with the matter said.
General Motors will restore more than 580 of the 1,600 dealerships that filled for arbitration to get their franchises back.
GM plans to contact the affected dealers via letter as soon as next week. GM is close to finishing the process of selecting dealerships to reinstate outside of arbitration, one source said.
The remaining dealerships GM intends to wind down before November, will not be contacted and GM will attemp to settle or arbitrate with them.