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When GM has its IPO later this month, the U.S. government will sell a third of its stake in the company.

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AP - General Motors Co. chief Ed Whitacre said Thursday he's stepping down as CEO on Sept.

A year after filing for bankruptcy, General Motors is preparing to seek SEC permission to start selling stock again.

Company officials say shares might start trading as early as this fall. GM's talk of an initial public offering comes after an encouraging year for the company.

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New United Motor Manufacturing Inc. was a unique partnership that ended when GM pulled out last year and Toyota decided to shut the plant down.

Toyota officials say the plant simply wasn't economically viable, but many workers suspect that it may have had something to do with their union.

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A job at General Motors used to mean not having to worry about retirement. The company had promised a good pension and health care for life.

Retirees are losing some of their benefits as the company goes through bankruptcy. Many worry they could lose even more if the big auto maker's fortunes don't turn around quickly.

General Motors says it's confident it can steer a course through bankruptcy court, and emerge as a leaner, more competitive automaker.

The company filed for bankruptcy protection Monday. The federal government is helping GM with another $30 billion in aid.

That will make the government the company's majority shareholder.

General Motors made a new offer Thursday to attract bondholders' support for a quick restructuring. Bondholders are being asked to swap their debt for shares in a new GM.

They'd get 10 percent of the stock — and warrants to buy an additional 15 percent.

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GM share prices have not been this low since the Gret Depression. Investors feared dilution of their stock or bankruptcy as the company approaches the June 1 restructuring deadline.

GM shares dropped to as low as $1.09, the lowest level since April 28, 1933.

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