Email List Sign Up

GM delays 2009 financial report

March 29, 2010

GM delays 2009 financial report

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."

Seniority Lists
Recent Posts!
Bargaining Committee

Mike Herron
Tim Stannard
Zone at Large – 1st
Danny Taylor
Zone at Large – 2nd
Mark Wilkerson
Joe McClure
Chad Poynor
Steve Roberts
Derek Lewis
Bill Cundiff
Kirk Zebbs
Don Numinen
Jay Minella
Danny Bragg
Chris Hill
Rashad Thomas
Keith Oswald
Chris Brown

1853 Officers

Tim Stannard
Mike Herron
Vice President
Darrell DeJean
Financial Secretary
Mark Wunderlin
Recording Secretary
Peggy Mullins
Trustee (3)
Jay Lowe
Dave Clements
Dave Spare
Sgt. at Arms
David C Spare
Ashley Holloway
E-Board at Large (2)
David Ryder
Steve Roberts
GM Unit Chair
Mike Herron
Leadec Unit Chair
Larry Poole
Ryder Unit Chair
Patrick Linck
AFV Unit Chair
Neil Osborne
Retiree Chair
Mike Martinez

Get Text Alerts


*Standard text messaging rates may apply from your carrier