GM to Buy Back Shares

    ** FILE ** U.S. flags are shown outside of General Motors world headquarters in a Detroit file photo from April 18, 2006. A top shareholder in General Motors Corp. said Friday, June 30, 2006 that automakers Renault SA and Nissan Motor Co. are interested in purchasing a significant stake in GM and including the Detroit automaker in their alliance. Billionaire investor Kirk Kerkorian's company, Tracinda Corp., told GM Chairman and Chief executive Rick Wagoner in a letter that Renault and Nissan are receptive to the idea of including General Motors in their partnership and purchasing "a significant minority interest" in the automaker. (AP Photo/Paul Sancya, File)

    Paul Sancya / AP Photo

    General Motors has finally come up with a bailout-payment plan. The auto-industry giant announced Wednesday that it plans to buy back 200 million, or $5.5 billion worth, of its own shares from the U.S. Treasury. Over the next 15 months, the Treasury, for its part, will sell the rest of its GM stake—ending the government’s ownership over the company. The U.S. Treasury invested $50 billion in General Motors as part of its auto-industry bailout.

    Read it at Associated Press