Cash-strappedCorp. has retained investment-house Merrill Lynch to prepare a prospectus to attract potential buyers for its AC Delco division.
Selling the parts-and-service business is “part of the liquidity plan” GM unveiled in July, spokeswoman Renee Rashid-Merem tells Ward’s.
The restructuring initiative, which includes selling GM’s Hummer brand and a technology and manufacturing center in France, is expected to raise between $2 billion and $4 billion.
GM, which lost $15.5 billion in the second quarter, reportedly is burning through cash at an alarming rate – to the extent that it also is investigating a tie-up with strugglingLLC.
Based in Grand Blanc, MI, AC Delco has operations in more than 100 countries and employs about 600 people worldwide, the auto maker says.