#Histroy
Government Never Forgets: GM to Pay Back Cash That Funded Celebrity, Cutlass Ciera Production
A bill for the assembly of two decades-old models — one from a defunct marque — will come due on April 1. And unlike much of the debts written off during General Motors’ bankruptcy, a major subsidiary now has to pay this chunk back.
The money, $220 million in all, was handed to GM Canada back in 1987 to save the Montreal-area Sainte-Thérèse Assembly plant. GM Canada used that bankroll to build the stunningly sexy Chevrolet Celebrity and Oldsmobile Cutlass Ciera. It later cranked out the last Pontiac Firebirds and fourth-generation Chevrolet Camaros.
The thing about 30-year interest-free loans is that someone eventually comes to collect.
Steph Willems
Mar 01, 2017
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