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CARMAKERS NEWS * USA
* DC - Loss on auto bailout down 16%. Surge in GM stock helps cut estimate by $4B to $20.3B
Washington,DC,USA -The Detroit News, by David Shepardson -February 12, 2013: -- The Treasury Department said Monday its estimate of losses on the $85 billion auto bailout fell by 16 percent, or $4 billion, in large part because of a rebound in General Motors Co.'s stock price... The Obama administration said in a report to Congress that its projected auto losses fell to $20.3 billion, from its prior quarterly estimate of $24.3 billion... The Treasury in 2009 initially forecast it would lose $44 billion on its bailout of General Motors Co., Chrysler Group LLC and their finance arms. That forecast fell to $30 billion by the end of 2009, and as low as $14.3 billion in 2011... In December, the Treasury sold 200 million shares of its 500 million share stake in GM for $5.5 billion, reducing its holdings in the Detroit automaker to 19 percent. But the sale was far below the break-even price, and the Treasury now needs to average about $70 a share on its remaining stake to break even... Treasury is slowly selling off its remaining stake on the open market and plans to completely exit GM by March 2014...
Labels: carmakers news USA and Canada
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