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GM Pledges Early Bailout Loan Repayment

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DETROIT -- General Motors says it will pay the American and Canadian governments eight-billion dollars by June as it recovers from bankruptcy.  Acting CEO Ed Whitacre made the announcement, which is a faster payback of the first part of the government bailout the automaker received than had been expected.  GM says it is committed to paying the government loans within a year of filing for bankruptcy.

Whitacre added pay restrictions put in place by the Obama administration on companies which have received government help to remain in business will make it tougher to find a new CEO.  He said not being able to pay a lot of money means the automaker will have to look more internally for a replacement for Fritz Henderson, who resigned two weeks ago.

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