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GM to Miss Report Deadline Due to Accounting Issues

Monday, 29 Mar 2010 03:10 PM

 

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General Motors Co. said that it will be late in filing its 2009 annual report as it works through accounting matters related to its bankruptcy reorganization last year.

GM said Monday in a filing with the U.S. Securities and Exchange Commission that it will not meet a March 31 deadline to file its 2009 10-K with the regulatory agency.

The automaker says it is still finalizing its fresh start adjustments after the company went through Chapter 11 bankruptcy last year.

GM says it is working to determine the fair value of the assets and liabilities of the "new" GM that emerged from bankruptcy in June, a task it said was made difficult by the sheer size of the largest U.S. auto company.

A GM spokeswoman says the company expects to make the filing during a 15-day extension after the deadline.

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