General Motors Co. (GM) is committed to repaying by June the outstanding balances on its U.S. Treasury and Export Development Canada loans, Reuters reported.

The automaker reported a net loss of $4.3 billion from July – when it emerged from bankruptcy – through the end of the year.

Despite the loss, GM’s chief financial officer, Chris Liddell, said a “fresh start” in its accounting process sets the company up to launch an initial public offering that would reduce the U.S. government’s majority stake, enable the automaker to invest in vehicle designs and sales, attract top-quality workers and gain access to capital markets.

“General Motors should never again be in the financial position it found itself in last year,” he said.

The automaker fell into a government-supported bankruptcy last summer after accumulating losses of about $88 billion from 2005 through the first quarter of 2009.

GM reported a $3.4 billion fourth-quarter net loss on revenue of $32.3 billion. It ended 2009 with $36.2 billion in cash, compared with $14.2 billion at the end of 2008.

The automaker said it expects to release first-quarter results by the middle of May, returning to a normal pattern for U.S. corporations.