General Motors Co. will fully repay the $6.7 billion loan portion of its U.S. government aid earlier than its previously promised payback date of June, a person briefed on the plans said Monday.
GM CEO Ed Whitacre will announce details of the repayment during a visit Wednesday to the company's Fairfax Assembly Plant in Kansas City, Kan., said the person, who did not want to be identified because the announcement has not been made.
Whitacre will travel to Washington, D.C., after the announcement to meet with House Speaker Nancy Pelosi and the Michigan congressional delegation.
The company has received a total of $52 billion in U.S. government aid, with the $6.7 billion considered a loan. The rest would be repaid when the company sells stock to the public, perhaps later this year.
GM already has made two $1 billion payments, leaving a $4.7 billion balance on the U.S. loans.
