Digital News Report – General Motors (GM) has paid back the remaining $4.7 billion for a total of $6.7 billion in payments to the US Department of the Treasury. GM was able to pay back the US Treasury five years ahead of the maturity of the loan.
The funds loaned to GM came out from the Troubled Asset Relief Program (TARP). So far, the US Treasury have received repayments of $186 billion leaving less than $200 billion outstanding loans.
Us Treasury Secretary Tim Geithner said that the early repayment from GM shows the company is on a “strong path to viability.”
The US Treasury still has $2.1 billion invested in preferred stocks and a 60.8 percent of the common equity.