GM contributes $6B in stock to pension plans

By Associated Press
Posted Jan. 14 at 7:25 a.m.

General Motors Co. has completed the contribution of 60.6 million shares of its stock to its U.S. hourly and salaried pension plans, wrapping up the last part of its planned $6 billion in payment.

The Detroit automaker said in October it would pay $6 billion into its pension plans, which were $17.1 billion short of their obligations at the end of last year.

Of the $6 billion payment from GM, $4 billion came from its cash reserves and $2 billion from the common stock.

In the four years before its 2009 bankruptcy, GM lost more than $80 billion because it was saddled by enormous debt and costly labor contracts. It earned $4.2 billion in the first in months of 2009.

Read more about the topics in this post: , , , ,

Companies in this article

Comments are closed.