U.S. Treasury says that GM still plans IPO in 2010

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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