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GM Files for Initial Public Offering

WSJ: General Motors Co. filed registration papers Wednesday for an initial public stock offering, laying the groundwork for the car maker to begin cutting its ties to the U.S. government, its majority owner. The 734-page document is the most detailed portrait yet of GM post-bankruptcy. In it, the company’s management is alternately confident about GM’s progress since its near-death experience last year, and cautious about its prospects. GM outlines a business plan that intends to leverage its massive global scale, strength in fast-growing emerging markets such as China and a balance sheet cleaned up by Chapter 11. At the same time, the company warns it faces many risks, such as continuing losses in Europe and a significant underfunding of its pension obligations.”

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