Chairman says GM committed to repay loans

NEW YORK | The chairman of General Motors says the automaker is committed to repaying its billions in government loans, though it’s too soon to say when that will happen.

Ed Whitacre says the Detroit-based company has a long way to go before it’s in “fighting shape” again, but added it has made major strides since emerging from bankruptcy protection this summer.

Whitacre made the remarks late Tuesday at Texas Lutheran University in Seguin, Texas.

GM has received more than $50 billion in taxpayer aid and is now majority-owned by the U.S. government. Both parties have said they expect the automaker to become publicly traded again sometime next year, though Whitacre said Tuesday the timing of any IPO remains uncertain.