Saturday, June 13, 2009

Canadians Own 11.7% Of GM

Canada, Ontario Commit $10.5B
Saying it was judged to be too risky not to participate in the restructuring of General Motors, the governments of Canada and Ontario will contribute about $10.5 billion in financial aid to the automaker.The federal government will contribute $7 billion, while $3.5 billion will come from Ontario. In exchange for their commitment, Canada and Ontario will get an 11.7 per cent stake in the equity of the restructured GM. Canada will also appoint one independent director to the board of directors of GM.The company will not file for creditor protection in Canada.

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