OTHER NEWS - Nov. 19, 1991
From Times Staff and Wire Reports
GM Files Offering: In the latest signal that the domestic auto industry puts little faith in the nation’s elusive economic recovery, General Motors Corp. has registered plans to raise $750 million by selling additional shares of preference stock. GM’s filing with the Securities and Exchange Commission came just one day after Ford Motor Co. sold $2.3 billion of convertible preferred shares. GM needs cash to offset the colossal financial losses it has racked up since the slump in U.S. sales of cars began in October, 1990. The No. 1 auto maker lost $2 billion last year, a record that 1991 losses are expected to top.
