GM debt repayment proof of industry recovery: Lewenza
General Motors’ debt repayment is proof the domestic auto industry is recovering, says Ken Lewenza, president of the Canadian Auto Workers Union.
Lewenza, quoted in a press release issued by the union this week, said the repayment of the loans is, “further proof that the money for the auto industry was indeed a loan, not a bail-out as it was commonly called.”
These statements come after GM announced it would make another payment to the U.S., Canadian federal and Ontario provincial government after it received government assistance from all three roughly a year ago.
The automaker forked over $1.1 billion to Canada and paid $4.7 billion to the U.S. government. The payment came earlier than expected.