The new General Motors will accelerate its repayment of bailout funds to the U.S. government, the automaker announced on Monday morning.
The company will pay back its outstanding $6.7 billion in debt to the government in quarterly installments, allowing it to finish repaying its loans four years earlier than had been required.
GM will begin paying the government $1 billion installments to the Treasury starting in December and begin paying down its obligations to the Canadian government (it had started to repay German loans last week) in a sign that the restructured automaker may be moving back on the path toward viability.
The company still holds $17 billion in debt, though, and the U.S. will remain an active partner in the company going forward after investing almost $50 billion in the troubled automaker. Many of those funds were converted into equity in GM for the government, and the federal government maintains a 61 percent majority stake in the company.
Still, GM posted a net loss of $1 billion in the period between July 10, when it emerged from bankruptcy and restructuring, and Sept. 30. The company did see year-over-year sales increase by 4.7 percent, however, no doubt in part due to the government's popular "Cash for Clunkers" program.