UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 1-143
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q
[ ] Form N-SAR [ ] Form N-CSR
For Period Ended: December 31, 2006
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended: ___________________
If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates: Not applicable
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PART I - REGISTRANT INFORMATION
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GENERAL MOTORS CORPORATION
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Full name of registrant
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Former name if applicable
300 Renaissance Center
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Address of principal executive office (STREET AND NUMBER)
Detroit, Michigan 48265-3000
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City, state and zip code
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PART II - RULES 12b-25(b) AND (c)
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If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
(b) The subject annual report, semi-annual report, transition report on
Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or
portion thereof, will be filed on or before the fifteenth
calendar day following the prescribed due date; or the subject
[X] quarterly report of transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day following
the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART III - NARRATIVE
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State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K,
10-Q, N-SAR, N-CSR or the transition report portion thereof, could not be
filed within the prescribed time period. (Attach Extra Sheets if Needed)
General Motors Corporation ("GM"or "the Company") is unable to file its Annual
Report on Form 10-K by March 1, 2007, due to issues regarding the accounting
for deferred income tax liabilities under Statement of Financial Accounting
Standards (SFAS) No. 109, Accounting for Income Taxes, and certain hedging
activities under SFAS No. 133, Accounting for Derivative Instruments and
Hedging Activities. GM currently intends to file its Form 10-K as soon as
practicable and in any event no later than the fifteenth calendar day
(March 16, 2007) following the date on which the Form 10-K was due (March 1,
2007). At that time, GM also intends to report restated results for the years
ended December 31, 2002 to December 31, 2005 and for the first three quarters
of 2006.
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PART IV - OTHER INFORMATION
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(1) Name and telephone number of person to contact in regard to this
notification
Nick Cyprus, Controller
& Chief Accounting Officer 313 667-3434
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceeding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?
[X] Yes [ ] No
If so: attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
As disclosed in prior filings the current estimate of the cumulative impact
of the accounting adjustments under SFAS No. 133 to retained earnings, as
of September 30, 2006, is an increase of approximately $200 million.
In addition, GM previously disclosed that retained earnings as of December 31,
2001 and subsequent periods are understated by a range of $450 million to $600
million due to an overstatement of deferred tax liabilities. GM currently
estimates that the deferred income tax liability overstatement is approximately
$1 billion. This impact is partially offset by an estimated $500 million
adjustment to stockholders' equity related to taxation of foreign currency
translation, arising primarily prior to 2002, and affects all periods through
the third quarter of 2006. The estimate net effect of such tax adjustments
results in an understatement of stockholders' equity as of December 31, 2001
and subsequent periods of approximately $500 million.
This notification of late filing on Form 12b-25 contains forward-looking
statements. These forward-looking statements are based on the Company's
current expectations and are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in the forward-
looking statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date hereof, and
the Company undertakes no obligation to update these forward-looking statements
to reflect subsequent events or circumstances.
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GENERAL MOTORS CORPORATION
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March 2, 2007 By /s/Nick Cyprus
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Controller and
Chief Accounting Officer
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