GM posting smaller loss

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While still a hefty loss, General Motors Co. says the loss of just US$1.2 billion from the time it left bankruptcy protection through Sept. 30 is a good sign of things to come.

The Associated Press is reporting the billion-dollar loss is better than previous quarters.

It has also been reported the company will begin repaying US$6.7 billion in government loans. The plan is to pay off the full amount to the U.S. Treasury Department a full four years ahead of schedule.

News reports also indicate GM is re-valuing its assets and liabilities and to comply with accounting standards next year.

- with files from The Associated Press