General Motors has announced that they have repaid $1 billion USD of their debt.

The debt was a Korean revolving credit facility granted to their Daewoo subsidiary, and the $1 billion GM is paying will be enough to repay all of this particular debt.

While GM still has plenty of debt remaining, they aim to reduce it to a minimum.

“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,” says the company’s Chief Financial Officer, Chris Liddell.

Press Release

GM Announces Repayment of Additional $1.0 Billion of Debt

Korean credit facility repaid

DETROIT – 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.”

Source: General Motors