GM to attempt IPO by July 2010-filing
- Source: Shanghai Daily
- [08:23 August 10 2009]
- Comments
General Motors Co plans to sell shares in an initial public offering before the one-year anniversary next July of its exit from bankruptcy, the carmaker said in a regulatory filing last Friday.
Detroit-based GM filed for bankruptcy protection in June and emerged on July 10 as a new automobile maker majority-owned by the US Treasury Department.
GM said in a filing with the US Securities and Exchange Commission that it would make "reasonable best efforts" to sell the shares within a year of its exit from bankruptcy protection, market conditions permitting.
On Wednesday, Ron Bloom of the Obama administration's autos task force and GM Chairman Ed Whitacre said separately said that GM was on track for an IPO as early as 2010.
The US government holds a nearly 61 percent stake in GM. The other stakeholders include the United Auto Workers Retiree Medical Benefits Trust, known as VEBA, and governments of Canada and Ontario.
"Today's disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress," GM CEO Fritz Henderson said in a statement that came out after the filing.
