GM Announces Repayment of Additional $1.0 Billion of Debt

General Motors Company announced today that its GM Daewoo Auto & Technology, Inc. subsidiary (GM Daewoo) will fully repay its Korean revolving credit facility this month.

The facility had a drawn balance of $1 billion (USD) as of September 30, 2010.

General Motors CFO Chris Liddell said, “Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet. Our objective remains to have minimal debt and a fully funded pension plan."