GM recorded a loss of over $10.6 billion for 2005. On April 3, 2006, Wagoner announced that GM is selling 51% stake in its highly profitable financing arm GMAC to a consortium of investors led by Cerberus Capital Management, which is expected to generate $14 billion for the troubled auto maker. “This agreement is another important milestone in the turnaround of GM,” said Wagoner following the announcement.
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Source IIPM-Editorial,2006
