busily put the pieces in place on Thursday for its IPO, naming a new CEO and lining up a $5 billion credit facility.
Besides naming Don Akerson to replace Ed Whitacre as CEO on Sept. 1 and as chairman at the end of the year, the company secured a $5 billion revolving credit facility, the
Wall Street Journal
Major banks including
Bank of America
committed up to $500 million each to the credit line, sources told the newspaper. A revolving credit facility strengthens the company's balance sheet and provides funds that can be accessed quickly for any reason.
GM is widely expected to file its IPO registration as early as Friday, although CFO Chris Liddell declined to comment on the timing on the company's earnings conference call on Thursday, when GM announced a $1.3 billion second quarter profit.
The news that Akerson will replace Whitacre came in a surprise announcement at the call's conclusion. "
The move "seems to be about the IPO," said
CEO Jeremy Anwyl. "GM wants the issue of succession planning off the table."
-- Written by Ted Reed in Charlotte, N.C.