GM will file initial public offering in August
The Treasury Departments holds a 61 percent share of GM stock after providing the automaker with a $50 billion bailout. Treasury will likely sell $10 billion to $12 billion in shares, although that could change.
Treasury Secretary Timothy Geithner has said he hopes to recover most of the government’s money from the bailout.
GM reported $35.7 billion in cash and marketable securities in the first three months of the year with $14.2 billion in debt at the end of March.
The company also has reported a $27 billion pension funding shortfall during the first quarter.
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