NEW YORK (Reuters) -- General Motors Co. plans to sell shares in an initial public offering before the one-year anniversary next July of its emergence from bankruptcy.
GM said in a Friday filing with the U.S. Securities and Exchange Commission that it would make "reasonable best efforts" to sell the shares within a year of the July 10 exit from court protection, market conditions permitting.
On Wednesday, Ron Bloom, chief of the Obama administration's auto task force ,and GM Chairman Ed Whitacre said separately said that GM was on track for an IPO as early as 2010.
The U.S. government holds a nearly 61 percent stake in GM. The other stakeholders include the UAW Retiree Medical Benefits Trust, known as VEBA, and governments of Canada and Ontario.
"Today's disclosures are consistent with our commitment to remain transparent and to keep the public informed of our progress," GM CEO Fritz Henderson said in a statement that came out after the filing.
GM filed for bankruptcy protection on June 1 and emerged as a new automaker majority-owned by the U.S. Treasury Department.