Loan 6
Date:
June 3, 2009
Maximum Amount:
$30.00 billion
Amount Spent:
$8.47 billion
Deficit Impact:
$5.10 billion On June 3, 2009, the Treasury invested $30 billion in GM to help finance the company through bankruptcy.
In early November 2009 GM made a partial repayment of $360.6 million, decreasing the Treasury's total investment through this loan down to $29.64 billion.
On December 18, 2009 GM made another partial repayment of $1 billion, reducing the outstanding investment to $28.64 billion.
On January 21, 2010 GM made another partial repayment of $35 million, reducing the outstanding investment to $28.6 billion.
On March 31, 2010 GM made another partial repayment of $1 billion, reducing the outstanding investment to $27.6 billion.
On April 20, 2010 GM made another repayment of $4.7 billion, reducing the outstanding investment to $22.9 billion.
On November 18, 2010 the Treasury Department sold shares of common stock in New GM, resulting in a disposition of $11.7 billion, which has been subtracted from the total. The sale reduced Treasury's stake in the company from 60% to 37%.
On November 26, 2010 more shares of New GM were sold, resulting in a disposition of $1.8 billion and reducing Treasury's stake in the company to 33.3%.
Source:
Notes:
Amount spent indicates loans and other funds issued as of 2/8/2012 (http://www.ustreas.gov/initiatives/eesa/transactions.shtml). Maximum amount is original loan amount. Deficit impact calculated by CRFB, using CBO's practice of estimating costs on a risk-adjusted present value basis. Deficit impact is derived from CBO's overall subsidy rate for assistance to the automobile industry (60%), as listed in CBO's January 2010 baseline.