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Washington Seeks GM IPO Adviser: Report

NEW YORK ( TheStreet) The U.S. government is interviewing investment banks to advise the Treasury Department on a GM (GM - Get Report) IPO, according to a published media report.

Wall Street firms vying for the role include Greenhill & Co., Lazard and Perella Weinberg Associates, according to the report, published on Saturday on The Wall Street Journal's Web site. The Journal reports that the Treasury Department declined to comment.

GM, which enjoyed an April sales hike of 6.4%, recently announced that the company is years ahead of schedule in repaying bailout loans received under the Troubled Asset Relief Program (TARP).

The government, however, still holds almost 61% of GM's common equity after its $50 billion bailout of the auto giant last year. An IPO would enable Washington to recoup its stake in the company, although GM has been vague on when an offering will happen.

The Journal reports that an IPO is still several months away, at the earliest.

GM, which lost $4.3 billion in the second half of 2009, recently said that it will likely be profitable for the first quarter, as well as the current year.

-- Reported by James Rogers in New York

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