GM aims for IPO by July 2010
- Source: Shanghai Daily
- [08:50 August 10 2009]
- Comments
General Motors Co plans to sell shares in an initial public offering before the one-year anniversary in July next year of its exit from bankruptcy, the car maker said in a regulatory filing.
Detroit-based GM filed for bankruptcy protection in June and emerged on July 10 as a new auto maker majority-owned by the United States Treasury Department.
GM said in a filing with the US Securities and Exchange Commission last Friday that it would make "reasonable best efforts" to sell the shares within a year of its exit from bankruptcy protection, market conditions permitting.
Last Wednesday, Ron Bloom of the Obama administration's autos task force and GM Chairman Ed Whitacre said separately that GM was on track for an IPO as early as next year.
The US government holds nearly 61 percent in GM. The other stakeholders include the United Auto Workers Retiree Medical Benefits Trust, and the governments of Canada and Ontario.
The disclosures "are consistent with our commitment to remain transparent and to keep the public informed of our progress," GM CEO Fritz Henderson said.
