GM to report ‘rectified’ accounts

Embattled motor group General Motors is reportedly aiming to file its 2005
annual report to the Securities & Exchange Commission by the end of the
week, after working frantically to fix accounting mistakes at its mortgage unit,
ResCap.

The Wall Street Journal’s website reports that GM’s management team
has spent more than a week gathering details on events that led to the discovery
of errors at ResCap.

These errors led to GM missing its filing date of 16 March.

Delays could have implications for GM’s bond offerings, which have already
been downgraded to junk bond status by leading credit rating agencies.

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