Speaking in Detroit today, General Motor’s president and COO Fritz Henderson said that GM expects to give financial information to prospective buyers in the next few weeks.
Henderson maintained that he would like to wrap up a sale by the end of 2008, but expects the process will most likely take until early 2009. “I would like to reach a conclusion on this relatively promptly because taking a lot of time doesn’t help,” Henderson said, adding that the credit crunch has severely limited the number of potential suitors. “Private equity, which was a source of capital, has really curtailed its appetite with concerns about credit…Ultimately someone has to buy assets in order to sell them, and there has been a dearth of buyers.”
According to Reuters, Henderson also said that HUMMER is “an interesting and iconic brand, and our timing was poor,” referring to the HUMMER’s introduction to the U.S. market six years ago.