Three top General Motors executives sell more than 200,000 shares

NEW YORK — Three top executives at General Motors Corp. recently sold more than 200,000 shares of the automaker just days ahead of a government-posed restructuring deadline.

NEW YORK — Three top executives at General Motors Corp. recently sold more than 200,000 shares of the automaker just days ahead of a government-posed restructuring deadline.

The three executives sold nearly 204,000 shares on Tuesday at prices ranging between US$1.09 and $1.25 per share, according to a filing Wednesday with the U.S. Securities and Exchange Commission.

The sale marks the second time this month that top executives have unloaded a stake in the automaker. Less than two weeks ago, six GM executives — including two who sold shares on Tuesday — unloaded nearly 205,000 shares.

GM spokeswoman Julie Gibson referred to comments at the time of the previous stock sale, which said the sale didn’t indicate a lack of faith in the company among the executives.

Detroit-based GM is facing a deadline at the end of the month to clear several hurdles in its restructuring, including a new labour agreement with its union and an equity exchange with its bondholders. If it does not meet its obligations, its government aid will end and it will likely be forced to seek bankruptcy protection.

If GM files for bankruptcy, current shareholders would almost certainly be wiped out. Even under GM’s current restructuring plan, the federal government is set to take a majority stake in the company, leaving existing shareholders highly diluted.

Among the executives who disposed the shares on Tuesday was departing vice-chairman Bob Lutz, who sold 133,859 shares. Vice-chairman Thomas Stephens sold 49,011 shares, while group vice-president Maureen Kempston Darkes sold 20,745 shares.

Lutz and Stephens were among the six executives who unloaded GM shares earlier this month.

On Wednesday, shares of GM rallied 18 cents, or 14.2 per cent, to close at $1.45. The stock has been trading at historic lows in recent months amid uncertainty over its future. On May 13, shares hit a low of $1, a level not seen since 1933.

Just Posted

Innisfail Airport to host convention

2019 Canadian Owners and Pilots Association’s event

Woman bitten at Red Deer dog park

Dog owners reminded to control their pets

Red Deer approves 10 cannabis retail stores

Locations approved around the city

Bike thefts becoming ‘significant problem’ in Red Deer

Residents are sounding the alarm on the growing problem of bike theft… Continue reading

WATCH: A horse was neglected by its owner. Now the horse is suing

ESTACADA, Ore. - Justice is an 8-year-old American quarter horse who used… Continue reading

Nebraska executes first inmate using fentanyl

LINCOLN, Neb. — Nebraska carried out its first execution in more than… Continue reading

Canadian train travellers narrowly avoid deadly Italian bridge collapse

TORONTO — A pair of Canadian student travellers bemoaning what appeared to… Continue reading

Keep bribes quiet for 10 years, FIFA won’t punish you

LONDON — FIFA has officially eradicated corruption. All it took was pressing… Continue reading

Beyoncé honours ailing Aretha Franklin at Detroit concert

DETROIT — Queen Bey dedicated her performance with husband, Jay Z, to… Continue reading

‘Outlaw King’ to open Toronto film fest; ‘Jeremiah Terminator LeRoy’ to close

TORONTO — The world premiere of David Mackenzie’s “Outlaw King,” starring Chris… Continue reading

Male model convicted of murdering rival after online feud

LONDON — A British fashion model has been convicted of murdering a… Continue reading

Red Sox old-timer’s memorabilia going up for sale

BIDDEFORD, Maine — Some items belonging to one of the Boston Red… Continue reading

Rival Korea leaders to meet in Pyongyang in September

SEOUL, Korea, Republic Of — The rival Koreas announced Monday that North… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month