The U.S. Treasury said it raised another $1.2 billion in proceeds in October from the sale of its shares in General Motors as it continues to reduce its stake in the No. 1 U.S. automaker.
The Treasury disclosed in its monthly report to Congress on Tuesday that it had recovered about $37.2 billion of its investment in GM through repayments, stock sales, dividends, interest and other income.
In 2009, the U.S. government extended $49.5 billion in loans to GM in exchange for $2.1 billion in preferred stock and a 60.8 percent equity stake. The Treasury has been winding down that holding, saying last month it had reduced it to about 7 percent.