GM says SEC is probing finances

General Motors Corp. said Thursday that U.S. securities regulators were reviewing the automaker’s accounting for foreign exchange and commodity derivatives and said a similar hedge-related probe into its former finance arm could force it to restate results again.

GM also said in a filing with the Securities and Exchange Commission that it had set its estimated exposure to auto-parts maker Delphi Corp., which is in bankruptcy protection, at $7 billion and could take a $1-billion charge this quarter related to the restructuring of its former subsidiary.

The SEC’s request for documents marked the latest accounting difficulty for GM, which pledged to tighten its financial controls after twice restating results and delaying its fourth-quarter report.

Separately, GM said that a sale of subsidiary Allison Transmission was now “probable” but that a transaction remained subject to approval by the company’s unions and regulatory officials.

Blackstone Group, Centerbridge Capital Partners and Carlyle Group are among the buyout firms said to be interested in the Indianapolis-based division, which makes transmissions and hybrid systems for trucks, buses and military vehicles.

Lehman Bros. analyst Brian Johnson said in a note that GM could raise more than $3 billion from an Allison sale.

GM spokeswoman Renee Rashid-Merem said the automaker was cooperating with the SEC in its accounting inquiry.

The company also said in a filing that it could be forced to restate results because of a similar SEC review of past hedge accounting at its former finance unit, GMAC, now 51% owned by Cerberus Capital Management.