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Thu July 29, 2010
UAW head: GM to file paperwork in August for IPO
United Auto Workers President Bob King says that General Motors Co. will file paperwork in mid-August to start the process of selling stock to the public.
King says the paperwork will be filed with the U.S. Securities and Exchange Commission when GM releases its second-quarter earnings. GM has not announced an earnings release date or confirmed that it will file the paperwork.
King made the remarks in a statement Thursday applauding the union's cooperation with GM, Ford Motor Co. and Chrysler Group LLC.
The statement was issued a day before President Barack Obama is scheduled to visit GM and Chrysler factories in Detroit to tout the auto industry turnaround.