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WZTV FOX 17 - Top Stories
DETROIT (AP) -- General Motors will spend $5.5 billion to buy back 200 million shares of its stock from the federal government.
The government also plans to sell its remaining stake in the automaker within the next 12 to 15 months.
GM will pay $27.50 per share, about $2 more than Tuesday's closing stock price.
The government got its shares of the company as part of a $49.5 billion bailout of GM that began nearly four years ago.
The bailout saved GM from collapsing into financial ruin.
The move leaves the government with 300 million shares. GM says the government plans to sell them on the open market starting in January.
The deal still leaves the government $21.5 billion short of breaking even on its investment.
The government also plans to sell its remaining stake in the automaker within the next 12 to 15 months.
GM will pay $27.50 per share, about $2 more than Tuesday's closing stock price.
The government got its shares of the company as part of a $49.5 billion bailout of GM that began nearly four years ago.
The bailout saved GM from collapsing into financial ruin.
The move leaves the government with 300 million shares. GM says the government plans to sell them on the open market starting in January.
The deal still leaves the government $21.5 billion short of breaking even on its investment.
Wednesday, December 19 2012, 08:22 AM CST
Tennessee News
Miss. chooses new firm to run Woodville prison
May 18, 2013 20:50 GMT
WOODVILLE, Miss. (AP) -- Mississippi officials have picked a new company to run the Wilkinson County Correctional Facility.
Utah-based Management and Training Corp. announced Friday that the Mississippi Department of Corrections has chosen it to run the 1,000-bed prison starting July 1, the Natchez Democrat reports (http://bit.ly/10MvOGv).
Corrections Corporation of America, based in Nashville, Tenn., had run the prison since 1998. MTC says it will keep "the vast majority" of employees.
MTC will get a five-year contract to run the prison with two one-year options. Last year, officials chose MTC to take over East Mississippi Correctional Facility, the Walnut Grove Correctional Facility and the Marshall County Correctional Facility from the GEO Group. MTC won 10-year contracts for each.
CCA still runs the Tallahatchie County Correctional Facility and the Adams County Correctional Center in Mississippi.
Information from: The Natchez Democrat, http://www.natchezdemocrat.com/
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