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GM Files Current Report on Form 8-K
In early August, General Motors Company posted a
press release regarding the Company's filing of a Form 8-K with the Securities
and Exchange Commission (SEC).
General Motors provided details on several developments since the new company launched on July 10, 2009, and gave a comprehensive review of the business. This filing included information on:
directors and executive officers
previously disclosed compensation details for 2008 and 2009 (filed with the SEC by Motors Liquidation Company under the name General Motors Corporation)
securities and warrants
significant operational and financial agreements and related exhibits
risk factors and regulatory issues that could affect GM's operations
GM is a private company, and as such is not subject to the same filing requirements as a publicly held company, according to the Securities Exchange Act of 1934. However, GM will continue to file certain information with the SEC, namely information about material business matters and certain disclosures about the Company's financial status and key indicators of the Company's progress.
Upon completion of the third quarter 2009, GM's accounting records will be finalized and the new Company will file a Form 8-K, releasing quarterly information for the three- and nine-month periods ending September 30, 2009. They information GM submits will be consistent with information that management uses to assess operating results for the period. It will not comply with GAAP since it won't incorporate “fresh start” accounting and other adjustments related to the 363 sale.
Proceedings will continue into 2010, when GM plans to file a fully compliant Form 10 to register its common stock under Section 12 of the Exchange Act. The Company will also file fully compliant Forms 10-Q and 10-K. These will include GAAP compliant financials, for the periods ending September 30, 2009 and December 31, 2009 respectively.
In the press release issued by the Company, GM president and CEO Fritz Henderson stated, “Today's disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress.”
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