WASHINGTON -- Billionaire investor Kirk Kerkorian's Tracinda Corp. said in a regulatory filing on Wednesday that it is pledging its common shares of General Motors as collateral to secure loans of $200 million or more.
Tracinda recently disclosed that it had boosted its stake in GM to 9.9 percent, after U.S. antitrust authorities said they would not oppose a plan by Tracinda, Kerkorian's investment arm, to increase its stake to that level. The plans also include the possibility of Tracinda seeking a seat on the automaker's board.
Tracinda said in a filing with the U.S. Securities and Exchange Commission on Wednesday that it entered into the pledge agreement with Bank of America on Oct. 14.
The filing did not not disclose information about the intended proceeds from the loan.