"Due to the size of the company, the global application of fresh-start reporting and the associated determination of the fair value of its assets and liabilities is a significant undertaking, which requires extra time," GM wrote in a filing with the U.S. Securities and Exchange Commission cited by DetNews.
The smaller, friendlier GM asked permission to extend the deadline by 15 days. When the report is filed, it will show all that which the new GM achieved since its forced birth last year.
"It's very revealing in terms of financial results. It shows everything: revenue, expenses, obligations, capitalization of the company and cash," Dennis Virag, president of Automotive Consulting Group was quoted as saying by the source.
The report is even more interesting to see because of the announcement made by the carmaker a few days ago, when it made the second quarterly loan payment to both the US Treasury and the Export Development Canada.
According to an overconfident Ed Whitacre, "GM has every confidence that the remainder of the loans will be paid in full by June 2010; five years ahead of schedule." Business is good, we reckon...
This wasn't the case last it, when GM was begging for mercy. It received it, along with a huge pile of money: $52 billion. Out of that amount, $45.3 billion was converted into equity as the government got 61 percent of the car manufacturer.
Google News