GM to give $1.1 billion to Canadian, Ontario governments, report says
General Motors plans to repay a combined $1.1 billion of taxpayer funds to the Canadian federal and Ontario provincial governments, sources say.
But the payment does not stop at the border, as the automaker confirms it will be handing over $4.7 billion to the U.S. government.
The $5.8 billion total is the latest debt repayment to the governments that helped bail out the struggling automaker roughly a year ago and comes months ahead of schedule.
News reports indicate GM chairman and CEO Edward Whitacre Jr. will announce the payments later today at an event in Kansas.
- with files from Automotive News