updated 10/28/2010 2:14:57 PM ET 2010-10-28T18:14:57

The government says General Motors will pay back $2.1 billion of the funds that taxpayers invested in the company. That brings the total it has repaid to $9.5 billion out of the nearly $50 billion the government loaned to and invested in the company.

The Treasury Department says the company is repurchasing about 84 million preferred shares that the government owns. The purchase is on the condition that the company proceeds with an initial public offering of its shares. That IPO is expected to take place next month.

The government's remaining $40 billion investment in the company is equivalent to 60.8 percent of the company's common shares.

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