DETROIT - General Motors , long non-committal about the timing of its IPO, may be eyeing an offering late this year.
Meeting with reporters in Detroit, CFO Chris Liddell said that while no timetable exists, an IPO could happen in the second half of 2010 as a result of the automaker's recent financial progress.
"His focus is on making sure we are ready when conditions are right," said GM spokeswoman Renee Rashid-Merem. "His point is it will be at the right time. He didn't exclude late this year, but it depends on what's going on in the auto market as well as the economy."
Liddell said that GM has a "reasonable chance" to make money this year, which would be its first profitable year since 2004.At the moment, GM is benefitting from both a recovering automobile market and its success in shedding costs in bankruptcy court, where it also reduced debt to $17 billion from $55 billion. At the end of the third quarter, GM had about $42 billion in cash and $29 billion in debt and preferred stock.
|Christopher Liddell, GM CFO|
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