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GM delays 2009 financial report

March 29, 2010 http://detnews.com/article/20100329/AUTO01/3290388

GM delays 2009 financial report

ROBERT SNELL
The Detroit News

General Motors Co. will not meet its Wednesday deadline for filing its year-end financial report for 2009, the automaker is still determining the fair value of its assets and liabilities acquired before emerging from bankruptcy court last summer.

GM needs additional time to finalize that process and conform with generally accepted accounting principles related to the company’s assets and liabilities, the automaker said in a regulatory filing today.

"Due to the size of the company, the global application of fresh-start reporting and the associated determination of the fair value of its assets and liabilities is a significant undertaking, which requires extra time," GM wrote in a filing with the U.S. Securities and Exchange Commission.

GM will file the report within the 15-day extension period, spokeswoman Renee Rashid-Merem said.

The annual report will provide a detailed financial roadmap of GM’s first few months since the company’s inception last summer.

"It’s very revealing in terms of financial results. It shows everything: revenue, expenses, obligations, capitalization of the company and cash," said Dennis Virag, president of Automotive Consulting Group Inc. in Ann Arbor.

New Chief Financial Officer Chris Liddell said earlier this month GM has a reasonable chance of being profitable in 2010, and might start selling shares in the company to the public this year.

The annual report’s delay does not appear alarming, Virag said.

"I don’t think it’s a real issue," he said. "Going through the reorganization, the bankruptcy and having a number of management changes, including in the financial staff, I just think it’s a matter of General Motors saying, ‘We need a little extra time,’ and deciding to do that rather than rush it through."

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