General Motors Co. CEO Ed Whitacre intends to announce on Wednesday that GM has repaid the remaining $5.8 billion in loans from the United States and Canada, a person with direct knowledge of the plans said.
Whitacre will be at GM's Fairfax, Kan., assembly plant to disclose the payments, said the person, who asked not to be identified because the details are still private. The U.S. is owed $4.7 billion, and the total is $1.1 billion for the governments of Ontario and Canada, the person said.
Eliminating the government debt shows Detroit-based GM is moving toward a return to independence, said Mirko Mikelic, senior portfolio manager at Fifth Third Asset Management in Grand Rapids, Mich. The U.S. owns a 61 percent stake after GM received about $50 billion in aid tied to its 2009 bankruptcy.
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