By David Shepardson; The Detroit News ~ Aug 13, 2010

Washington -- General Motors Co. plans to delay its filing of the paperwork to start the initial public offering process until early next week, people briefed on the matter said today.

On Wednesday, GM officials told The Detroit News the automaker planned to file today the "registration statement" -- a document more than 300 pages long -- that allows the Detroit automaker to start selling stock shares within two to three months.

But in the wake of Thursday's management shakeup at GM, the Detroit automaker is postponing filing its required documentation with the Securities and Exchange Commission.

GM Chairman and CEO Edward Whitacre Jr. announced Thursday he is stepping down as CEO Sept. 1, handing the reigns to GM board member Daniel Akerson, who is a managing partner at Carlyle Group and a director at American Express.

Whitacre will remain chairman until the end of the year, when Akerson will assume those duties, as well.

The SEC filing will include GM's prospectus, outline possible risks to investors and disclose how many shares of the stock the Treasury Department and others plan to offer for sale. The Treasury holds a 61-percent stake in GM due to the government's bailout of the automaker.

The SEC customarily takes 60-90 days to approve the paperwork, before a company can go public with its stock. GM executives will mount a "road show" in coming weeks to tout the company to potential investors.

Whitacre said last week GM's IPO could be the largest in history -- topping Visa's $19.7 billion 2008 offering.

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