GM using private planes again for IPO roadshow

Filed under: Government/Legal, GM, Earnings/Financials

It wasn't too long ago that General Motors was fending off a heap of public ire over the company's use of private planes. Now it looks like The General is back to eschewing commercial flight in favor of taking to the wild-blue yonder in chartered craft. According to The Detroit News, GM has been sending executives to Europe, Canada and various locations within the U.S. in order to promote the company's stock for an upcoming IPO. In most cases, the workers have travelled by private aircraft.

GM says that under the expense policy approved by the federal government, the company is allowed to charter planes when there's a business case for doing so. Additionally, the automaker says that the tour to drum up investors warrants such flights because of the tight time table involved. With GM doing its best to make sure that it will be able to buy back enough of its stock to take a controlling interest in the company away from the federal government, chances are we won't hear too many Congressmen complain about the private flights this time around.

[Source: The Detroit News]

GM using private planes again for IPO roadshow originally appeared on Autoblog on Mon, 08 Nov 2010 13:58:00 EST. Please see our terms for use of feeds.

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Source: http://www.autoblog.com/2010/11/08/gm-using-private-planes-again-for-ipo-roadshow/

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