The new General Motors has told the federal government that it intends to offer an initial public stock offering within one year of the date it emerged from bankruptcy proceedings, which was July 10. Automotive News reports:
General Motors Co. plans to sell shares in an initial public offering before the one-year anniversary next July of its emergence from bankruptcy.
GM said in a Friday filing with the U.S. Securities and Exchange Commission that it would make “reasonable best efforts” to sell the shares within a year of the July 10 exit from court protection, market conditions permitting.
The sooner GM’s stock returns to the publicly traded exchanges and the public is allowed to purchase them, the sooner the government and the UAW’s VEBA healthcare trust fund can begin slowly selling off their shares.