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GM Chief Hopes to Return to Investment Grade Within Year

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GM Chief Hopes to Return to Investment Grade Within Year

By Keith Naughton - Jun 1, 2012 1:56 PM ET

General Motors Co. (GM), the largest U.S. automaker, said it expects to cut its pension obligation by $26 billion by offering lump-sum payments to about 42,000 retirees and shifting its plans to a unit of Prudential Financial Inc. (PRU)

“These actions represent a major step toward our objective of de-risking our pension plans and will further strengthen our balance sheet and give us more financial flexibility,” Dan Ammann, GM’s chief financial officer, said today in a statement.

more:
http://www.bloomberg.com/news/2012-06-01/gm-chief-hopes-to-return-to-investment-grade-within-year.html




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