 GM is in the middle of a restructuring programme |
General Motors (GM) has revealed that the US financial watchdog wants to check the data used in the accounting of the firm's latest annual results. The carmaker said the Securities and Exchange Commission wanted information about GM's recording of certain foreign exchange and commodities trading deals.
GM said the request was not unexpected as it had already restated some data.
Separately, GM said it may have to pay an extra $1bn (�500m) to its former unit, car parts maker Delphi.
Spun off by GM in 1999, Delphi went into Chapter 11 bankruptcy protection in 2005, where it continues to operate.
GM has since had to pay Delphi $5bn to cover the retirement costs and other expenses relating to former GM workers at the car parts company.
The carmaker said the fresh $1bn was likely to be its final financial exposure to Delphi.
Turnaround plans
GM's latest announcements saw its shares fall 1.5% in early Thursday trading on Wall Street.
It come as the loss-making firm is continuing with efforts to turn around its fortunes.
Earlier this year it had to ask the Securities and Exchange Commission (SEC) for a delay in publishing its 2006 results.
Further accounting problems have already seen it have to re-state six years of results.
GM lost $2bn (�1bn) last year, but returned to profit for the last three months of 2006, gaining a quarterly net income of $950m.
One-Minute World News 
News services
E-mail this to a friend 
Printable version 
