August 8, 2009
Business Briefing | Company News
General Motors Is Planning to Hold an I.P.O. Next July
By BLOOMBERG NEWS
The General Motors Company, the new automaker majority-owned by the United States Treasury, said Friday that it intended to make an initial public offering of stock by July 10, 2010, the one-year anniversary of its exit from bankruptcy. The target date range for an offering was disclosed Friday in a federal regulatory filing that the company said summarized its activities in the four weeks since it left court protection. G.M. said it was authorized to issue 2.5 billion shares of common stock. G.M. will begin releasing financial data after the third quarter, a spokeswoman, Renee Rashid-Merem, said. The company’s filing did not include financial results. “Today’s disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress,” the chief executive, Fritz Henderson, above, said in a statement.
MORE FAQS ON THE "NEW" GM (from corporate website, http://phx.corporate-ir.net/phoenix.zhtml?c=231169&p=irol-faq)
1. What is General Motors Company, and how is that different from General Motors Corporation?
General Motors Company is the “new GM.” We were formed when Motors Liquidation Company (formerly named “General Motors Corporation”), used section 363 of the U.S. bankruptcy code to sell the strongest parts of its business to a new company, named “General Motors Company.” Our new company is built upon only the strongest parts of the “old GM” business – our employees; our best brands (Cadillac, Chevrolet, Buick, GMC), and the plants and other hard assets that those brands rely on; the contracts we need to secure supplies and keep our business moving; and the equity in our domestic and global subsidiaries.
2. Is GM out of bankruptcy?
Yes, all of GM’s continuing operations and assets are completely out of bankruptcy and are now operating as an independent and separate company called “General Motors Company”. This includes all operations that interact with customers.
3. Can I buy shares in General Motors Company? Will there be an initial public offering?
There are currently no shares of General Motors Company for sale to the public. It will initially be owned by the U.S. Treasury, the governments of Canada and Ontario, the UAW VEBA and Motors Liquidation Company. We expect that shares of the General Motors Company will be publicly traded in the future, and this may involve an initial public offering. Also, as early as the first quarter of 2010, General Motors Company may be contractually required by its new stockholders to register their stock for sale to the public; however, we do not know when or if any of these stockholders will sell any of their shares.
4. What is Motors Liquidation Company?
After it sold substantially all of its assets in the section 363 sale to General Motors Company, General Motors Corporation was renamed “Motors Liquidation Company.” For the operations, assets and liabilities that were not transferred to General Motors Company, the chapter 11 bankruptcy case will continue in order to resolve creditors’ claims and wind down those operations in an orderly way. Information about Motors Liquidation Company can be found on its website, http://www.motorsliquidation.com.
5. What happened to common stock, bonds and other securities previously issued by General Motors Corporation (now renamed “Motors Liquidation Company”)?
All of the publicly owned stocks and bonds previously issued by General Motors Corporation are still securities of that company, but its name has been changed to Motors Liquidation Company. None of Motors Liquidation Company’s publicly owned stocks or bonds are or will become securities of General Motors Company, which is an independent separate company.
WEBSITE OF THE "OLD" GM
http://www.motorsliquidation.com/?evar10=InvestorInfo_MotorsLiquidation
creditors of OLD GM website:
http://www.motorsliquidationcreditorscommittee.com/
What You Will Find Here
- OJOS11
- Articles and news of general interest about investing, saving, personal finance, retirement, insurance, saving on taxes, college funding, financial literacy, estate planning, consumer education, long term care, financial services, help for seniors and business owners.
READING LIST
-
▼
2009
(202)
-
▼
August
(19)
- Clean Water Technology (from Forbes.com)
- Tax Breaks for Saving Energy
- Get Paid with Dividend Stocks (WSJ)
- Award Program for Small Businesses
- Yield Opportunity in Bonds (Bloomberg)
- Shielding Your Assets from Creditors (NY Times)
- Get More Out of Social Security (from AARP)
- the Declining Dollar - Hedge Your Portfolio (Barr...
- What Companies Do Well In A Recession (Investopedi...
- Financial Security for Women (AARP)
- Smart Ways to Get Cash from your Life Insurance (f...
- Green Investing (investopedia.com)
- Green Jobs (So Fla Business Journal)
- For Job Hunters - Make Your Linked In Profile Shin...
- The New GM: Initial Public Offering Plans
- Ways to Make the Most of Cash for Clunkers (cars.com)
- Using the Science of Happiness at Work (CNN)
- How to Make Money with Twitter (from Forbes)
- Re-Building Your Portfolio (WSJ)
-
▼
August
(19)
Blog List
-
-
The EU Is Spending Billions on Hydrogen-Ready, But Where’s the Hydrogen? - I'm all in favor of hydrogen-powered plants to produce electricity if only we had cheap hydrogen. But we don't and likely won't.
-
How Companies Dodge Tariffs - Protectionist trade policies are popular on both the left and right. But some economists say they’re likely to backfire.
-
Neom wants to build a 1,500-foot infinity pool that's almost 4 times longer than one in Dubai - The pool planned for the Treyam region of Saudi Arabia's Neom megaproject will be 1,500 feet long and suspended 220 feet above the sea if completed.
-
Everybody Else Is Reading This - Snowflakes That Stay On My Nose And Eyelashes Above The Law Trump’s New Birth Control […]
-
Maximizing Employer Stock Options - Oct 29 – On this edition of Lifetime Income, Paul Horn and Chris Preitauer discuss the benefits of employee stock options and how to best benefit from th...
-
Wayfair Needs to Prove This Isn't as Good as It Gets - Earnings were encouraging, but questions remain about the online retailer's long-term viability.
-
Hannity Promises To Expose CNN & NBC News In "EpicFail" - *"Tick tock."* In a mysterious tweet yesterday evening to his *3.19 million followers,* Fox News' Sean Hannity offered a preview of what is to come from ...
-
Don’t Forget These Important Retirement Deadlines - *Now that fall is in full swing, be sure to mark your calendar for steps that can help boost your tax-advantage retirement savings.*