Ed Whitacre Jr., CEO and Chairman of General Motors Company, stated this past Tuesday that GM has definitive plans to repay the more than $6.7 billion that it has received in government loans, by no later than the last day of June, 2010. In addition to US bailout monies, GM also received part of more than $52 billion from Export Development Canada (EDC). Representatives from EDC and the US Treasury Dept acknowledge receipt of the first payments made: $1 billion to the US Gov and another $192 million to EDC.

GM had a busy year navigating carefully around a bankruptcy status. And now, as a result of the massive amounts loaned for bailout purposes, the result is that the United States now owns 61% of the automaker giant. Additionally, the Canadian government owns another 11.7% of it. That figure is based on $45.3 billion worth of equity conversion. We are grateful for the support the governments have provided us. We look forward to continuing repayments through June 2010, at which time the balances will be paid in full, assuming no downturn in the economy or business, Whitacre wrote in a formal statement.

Whitacare assumed the duties of the company CEO as of December 1 when Fritz Henderson resigned without warning due to differences of company vision with those of the board. There has been no official timetable set that dictates the initial availability of company stock to the public. That is the bottom line for the government to recoup its loans:GM has to gain public support, sell stocks and generate future profits in order to repay the totals that it owe and thereby regain self-ownership.

As General Motors redevelops its financial stability and positions itself for the future, the AIFP (Administration's Automotive Financing Program) is given much deserved credit for thwarting the advancement of a major automotive industry catastrophe. Widespread economic harm and market instability would have adversely affected millions. In all, the Troubled Asset Relief Program (TARP) from the United States government has received repayments in excess of $119,000,000,000 from automakers, banks and more.

Whitacre says that there are no candidates specifically standing out for replacing Henderson as CEO of General Motors. He believes that the new salary restrictions that the government has placed on corporate CEOs will limit the availability of top choices. However, he remains confident in his belief that the company can and will find a solid, strong leader. GM is searching within and outside of the company for an optimal replacement. Whitacre also stated that the ideal candidate would possess automotive industry experience, but it is not necessary. Forward-thinking, fresh viewpoints are more heavily valued. So, if think you're up to helming General Motors...