It was reported last month that General Motors Company, which emerged from bankruptcy on July 10, is planning an SEC filing and intend to make “reasonable best efforts” to start selling shares within a year.
The U.S. Treasury said today that GM still plans to hold an initial public offering next year. The Treasury Department’s assistant secretary for financial stability said that $76 billion investment in the auto industry was essential to avoiding “a significant disruption” of the U.S. economy.
GM has received about $50 billion in government bailout loans. Chrysler received about $15 billion. The U.S. Treasury invested about $15 billion in auto finance companies and has a $3.5 billion fund to guarantee payments to suppliers.
– By: Stephen Calogera
Source: Detroit News