General Motors' IPO Set For Next Year; Chrysler Repays Loan

It has been a while since General Motors made the news. The last time, we reported that GM emerged from the shadows of Chapter 11 bankruptcy. This time round, the news is much more positive: GM's restructuring is well on the way, and its Initial Public Offering (IPO) will be carried out as scheduled next year, said Herb Allison, the Treasury Department’s assistant secretary for financial stability.

Allison also defended the U.S. government's bailout of America's auto industry, in which GM received about USD 50 billion and Chrysler getting a smaller sum of USD 15 billion. The government has attracted much criticism for the way taxpayer funds have been handled. But it seems that the gamble has paid off, as Chrysler has repaid the loan amount and the listing of GM next year will allow the government to start unloading their 60.8 percent equity stake in GM, although that will likely take place over several years.

AboutSeow Yaohan

Seow Yao Han strives to bring you the latest and the most comprehensive information on cars available in Malaysia. But it's never easy for him to talk and write cars in this part of the world because what you lust after is often not what you drive home. When the euphoria of test-driving that branded, super-expensive sports car dies down, he just goes home in his less-than-glamorous ride.