General Motors is expected to announce its eagerly-anticipated IPO in mid-August, industry sources are reporting, this morning.
The timing could permit the company to actually stage its return to Wall Street sometime before the hotly-contested November elections which, sources suggest, indicate GM’s growing confidence it will be able to pay back most, if not all of the $50 billion the U.S. Treasury invested as part of a 2009 bailout that climaxed with the automaker’s lightning-fast run through bankruptcy court.
GM Chairman and CEO Ed Whitacre Jr. has made no secret of his desire to stage an Initial Public Offering as soon as possible. For one thing, that would end the government’s oversight of the largest domestic automaker. But it would also help overcome criticism by many potential buyers who are loathe to do business with a company surviving on the public dole.