About Gazette To the editor Subscribe Contact Us
Board Chairman Logo Editor-in-Cheif
News
News
World News
Region News
Home News
Opinion
Editorial
Comments Opinion
Features
Health
Technology
Gazette Fourm
Tourism
Business
Sports
business
GM considers options ahead of court ruling



DETROIT (AFP) - As General Motors executives await a key court ruling that will determine whether they can establish a new company, the shape of any future enterprise is already being considered. At issue are questions such as when sales of the new company's shares will begin and how much public financial disclosure the new GM will offer. The revamped company will be largely owned by the US government, which will have a 60 percent stake. The Canadian government will control 11 percent, the United Auto Workers (UAW) union's healthcare trust a further 17.5 percent and the remainder will belong to various secured creditors that have agreed to accept equity for debt. If GM receives a favorable ruling this week, chief financial officer Ray Young wants an initial public offering to get underway as soon as practicable. "There is a lot of interest from the future stakeholders of new GM to start the process of selling down the shares," Young said last month. "At the earliest, we would be talking about the first or second quarter of 2010 and after that it could take years to unwind the government and union positions."


printPrint This Page sendSend to a friend

Do you expect an Israeli and US attack on Iran before the American presidential elections in November?

Yes

No

I don't know

       Previous poll results

Do you think bio-fuels are to blame for the soaring food prices?

Yes               85          per cent

No                10          per cent

I don't know   5        per cent

 Email your response to: gazette-editor@hotmail.com

Prayer's Times
 
Today's weather
 
Exchange Rate