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GM Repays Loans: From Bankruptcy to Recovery

General Motors Co. (GM) was in a bad way last year after declaring themselves bankrupt, well now the troubled Detroit automaker is on the way to recovery after paying back its loans of $8.1 billion the U.S. and Canadian governments. GM has managed to pack back the loans 5 years early.

It was the Obama administration that stepped in to broker a deal to bail out the struggling U.S. automaker, and now looks to have been a good decision. Most people did not see it that way, wondering why taxpayer’s money should be used to bail out a private company?

Although General Motors is no longer in debt to both governments, they are still a long way from being the company it once was. The government still owns 70 percent and has still been losing money, although there have been signs of a recovery in the auto market.

According to Associated Press, GM CEO Ed Whitacre said that they were rebuilding the company by pushing through more sales of midsize cars and crossovers. Whitacre also stated that 20 plants has seen a cash injection of $1.5 billion, this has safeguarded 7,500 jobs. For more details on this, visit the AP website in the link above.

Written by Peter Chubb

Peter has been writing on Product-Reviews since 2007 and in that time much has changed for him, like his hair having more grey than brown now. He loves gadgets and cars, and gets excited when big events come up, such as CES and the big auto shows.

Contact Peter Chubb: peter@product-reviews.net

He started out working in a factory and dreamed of the day when he could become his own boss; That happened back in 2002 and he has never looked back since. Things have changed so much on the Internet in that time, but he has adapted well.

Contact Peter Chubb: peter@product-reviews.net

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dokemion

Many people wonder what they can expect in bankruptcy court. The first thing that occurs is the meeting with a bankruptcy trustee. The meeting could take place in the trustee's office or a room in the courthouse. After this first meeting, you will receive a notice about the first meeting with the creditors. This part requires answers questions under oath. Creditors will ask you any questions that they need answered truthfully. The meeting does not take very long. Sometime it is less than twenty minutes.

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