GM posts $1.2 billion loss, says it will begin to repay U.S. loans

DETROIT -- General Motors Co. posted a $1.15 billion loss during the third quarter following its exit from bankruptcy and spelled out plans to begin repaying $6.7 billion in U.S. loans.

"We have significantly more work to do, but today's results provide evidence of the solid foundation we're building for the new GM," CEO Fritz Henderson said in a statement.

The "managerial net loss" was for the period of July 10, the day GM exited 39 days of court protection, through Sept. 30. For the full quarter a year earlier, GM had an operating loss of $4.2 billion and a net loss of $2.5 billion.

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