GM Plans Additional $1 Billion Debt Cut

Dec. 1, 2010

Will replay credit owed by South Korean subsidiary

General Motors said on Dec. 1 that through the repayment of a credit owed by its South Korean subsidiary, it will reduce its debt by a further $1 billion.

It said the unit, GM Daewoo Auto and Technology, would pay back the full amount this month.

The company added that with its return to the stock market it was determined to use every opportunity to bolster its financial health.

General Motors last month carried out an initial share offering worth $23.1 billion, the biggest ever recorded anywhere.

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