GM spent $6.5 billion on Delphi, pensions, Canadian subsidiary

Posted on Tuesday, November 3rd, 2009 at 4:20 PM EST.

General Motors Co. has spent $6.5 billion paying off obligations related to Delphi Corp.’s exit from bankruptcy, funding pension plans and buying shares in a Canadian subsidiary, The Detroit News reported.

In a filing made late yesterday afternoon with the U.S. Securities and Exchange Commission, GM also disclosed it had $16.4 billion in unused government loans after it emerged from bankruptcy last summer, the paper said. But GM didn’t reveal how much remains in the escrow account. GM, which has resisted disclosing how much it had in escrow, revealed in the filing it withdrew $2.8 billion to acquire a membership interest in the new Delphi Automotive LLP and acquire Delphi’s global steering business from its former parts unit, the News said.

In September, GM also withdrew $2.8 billion to fund pension plans of General Motors of Canada Limited, a wholly-owned subsidiary, the paper said. And on Sept. 2, GM withdrew about $928 million, which was spent relating to an agreement between GM and Export Development Canada, a company wholly-owned by the Canadian government. The same day, GM of Canada contributed $1 billion to fund its pension plan, the story said. (The Detroit News)

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