GM Canada signs loan repayable short-term

General Motors of Canada signed Thursday, April 30 an agreement short term loan with Export Development Canada provide him greater flexibility in managing its normal operational activities here has it completes its restructuring in Canada.

Arturo Elias, president of GM Canada, said: "GM Canada appreciates the support of the governments of Canada and Ontario as part of its restructuring efforts to become a more business oriented to customers, more thorough and more competitive in terms of price. We make drastic, but necessary changes, while continuing to offer our customers the best vehicles in our history, including the Equinox and the Chevrolet Camaro and GMC Terrain, all assembled and spears in Canada this year. "

General Motors of Canada assigns a $ 500 million dollar signature loan repayable in the short term to support its normal activities, which include costs related to the production, dealers and suppliers. This is the first withdrawal of the company from the governments of Canada and Ontario have granted him a loan December 20, 2008. GM Canada continues to work with governments and key partners to take measures needed to develop a new restructuring plan satisfying the requirements and to the long-term viability by 30 May 2009.

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