General Motors of Canada Limited

General Motors of Canada Limited

May 04, 2009 11:06 ET

GM Canada Reaches Short-Term Fully Repayable Loan Agreement

OSHAWA, ONTARIO--(Marketwire - May 4, 2009) - General Motors of Canada on Thursday, April 30th signed a short-term loan agreement with Export Development Canada that will provide the company with further flexibility in managing its normal operational needs while it works to complete its business restructuring plans in Canada.

GM Canada President Arturo Elias said, "GM Canada appreciates the support of the Federal and Ontario Governments as we work to complete our transformation into a leaner, customer focused and more cost-competitive operation. We are making very tough but necessary changes while remaining focused on providing our customers with the best new vehicles in our history - including the new Chevy Equinox, Chevy Camaro and the GMC Terrain, all being produced and launched in Canada this year."

General Motors of Canada drew down $500 million of the short-term fully repayable loan facility upon signing to support on-going normal business operations including production, dealer and supplier-related costs. This is the Company's first draw of financial assistance in Canada since the Federal and Ontario Governments' offer of loan support on December 20, 2008. GM Canada continues to work with the Governments and its key stakeholders to take the necessary actions needed to meet the requirement for an updated restructuring plan for long-term viability by May 30, 2009.

General Motors of Canada (GMCL) is headquartered in Oshawa Ontario and employs 12,000 people nationwide. GM of Canada manufactures vehicles, vehicle powertrains, and markets the full range of General Motors vehicles and related services through approximately 700 dealerships and retailers across Canada.

Contact Information

  • GM Canada
    Stew Low
    (905) 644-6786
    (416) 254-4224 cell