GM will attempt IPO offering by July 2010

General Motors Company plans to sell shares in an initial public offering ahead of their one year anniversary of the company’s exit from bankruptcy. The automaker emerged from bankruptcy protection on July 10 and said in an SEC filing that they intended to make “reasonable best efforts” to start selling shares within a year of its emergence from bankruptcy protection, according to Reuters.

As of now, the company is owned by a mix investors. The U.S. government owns an approximately 61% stake in the company, while United Auto Workers Retiree Medical Benefits Trust, and the governments of Canada and Ontario hold lesser stakes.

In a statement released after the filing, CEO Fritz Henderson stated “Today’s disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress,”

– By: Stephen Calogera

Source: Reuters