SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) March 6, 2003
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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Item 5.OTHER EVENTS
On March 6, 2003, General Motors Acceptance Corporation (GMAC) (a wholly-owed
subsidiary of General Motors Corporation) announced the possible sale of GMAC's
commercial mortgage business. The press release is as follows:
Potential Sale of GMAC's Commercial Mortgage Business
General Motors Acceptance Corporation (GMAC) is considering a possible sale of
all or a portion of its commercial mortgage business; this business is
transacted through GMAC Commercial Holding Corp., a subsidiary of GMAC Mortgage
Group, Inc., which in turn is a wholly-owned subsidiary of GMAC. GMAC Commercial
Holding Corp. has over 100 offices in nine countries and is the leading servicer
of commercial mortgages in the United States, with a servicing portfolio of
approximately $160 billion at December 31, 2002. For the year ended December 31,
2002, GMAC Commercial Holdings Corp. had origination volume in excess of $20
billion and earned net income of approximately $225 million. Total assets of
GMAC Commercial Holding Corp. at December 31, 2002 approximated $12 billion.
Because any potential sale is only in the formative stage, GMAC management has
not submitted any proposal for appropriate board approvals and it is possible
that such a transaction may not occur.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date March 7, 2003
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By
/s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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