Share this article

In a filing with the Securities and Exchange Commission (SEC), GM said, ahead of a March 1 deadline to report the 10-K which details fourth-quarter results, that it would miss the deadline and that it would file for the allowed two-week extension for that report.

But GM also said it does expect to file by the new March 16 deadline.

GM had been scheduled to release its fourth-quarter and full-year 2006 results on January 30, but delayed the release owing in part to accounting errors that will result in restatements of earnings in past periods.

In addition to the accounting review, GM held off on reporting earnings because its former lending arm, now called GMAC Financial services, needed more time to complete financial results.

GM said last month that it had ‘substantially completed’ its review of financial statements from 2002 until late September 2006.

It estimated its deferred tax liability overstatement to be about US$1bn and said accounting changes involving interest rate hedging would increase its retained earnings by about US$200m.

GM officials expect GM to eventually post a profit for the fourth quarter, the first since Q4 of 2004. It would further reinforce signs that GM’s turnaround is on track.