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General Motors Loses 1.2 Billion, An Improvement Over Previous Quarters

Compared to previous quarters, General Motors’ performance is improving.

But, CEO Fritz Henderson pointed out, “nonetheless, it’s a loss.”

The U.S. auto manufacturer lost $1.2 billion (USD) in the past quarter, which ended on September 30.

The numbers are not satisfactory, Henderson said at a press conference, but it is a sign the company is starting to emerge from massive debt.

GM filed for Chapter 11 on June 1 and left bankruptcy protection in July.

With those numbers in mind, GM believes it will be able to repay the U.S. government ahead of schedule.

The company received $6.7 billion (USD) in government loans and plans to give back $1.2 billion (USD) in December.

The company has until 2015 to repay the debt, but the amount could be paid off ahead of schedule – GM said the slate would be clean by 2011.

General Motors has already backed out of a deal that would have seen Opel, its European unit, sold to Magna.