UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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) December 15, 2004
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 of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, Detroit, 48265-3000
Michigan (Zip Code)
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(Address of Principal Executive
Offices)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS
On Dec. 15, 2004, General Motors Corporation (GM) contributed approximately 11
million shares of XM Satellite Radio Holdings Inc. (XM) Class A common stock,
into a trust established primarily to pre-fund health-care expenses for its U.S.
hourly retirees.
The stock, which was valued by an independent appraiser at approximately $419
million at the time of the contribution, will be added to the Voluntary
Employees' Beneficiary Association (VEBA) trust established to pre-fund part of
GM's other postretirement employee benefits (OPEB) liability related primarily
to health-care expense. Total assets in the VEBA trust were approximately $16.0
billion at Sept. 30, 2004. GM's gross OPEB liability, when last officially
reported on Dec. 31, 2003, was $67.5 billion.
Before the contribution, GM owned approximately 16.5 million shares of XM Class
A common stock and preferred convertible stock. GM now holds approximately 5.6
million shares of XM common stock, including shares convertible into common
stock. GM will retain a seat on the XM board of directors.
The contribution of the XM stock to the VEBA trust was determined to be an
appropriate and timely opportunity to utilize a GM-held asset to help address
the impact of rising health-care costs for retirees. GM continues to place a
high value on its business relationship with XM Radio, which supplies
satellite-radio subscription services made available by GM on more than 50
vehicle models sold in the United States.
The gain on this transaction, to be disclosed at a future date, will be handled
as a special item in GM's 2004-calendar year financial results.
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SIGNATURES
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: December 17, 2004 By: /s/PETER R. BIBLE
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(Peter R. Bible,
Chief Accounting Officer)