General Motors used charter aircraft for its initial public offering (IPO) roadshow last month, marking the first time the company has used private aircraft since Dec. 31, 2008, when the automaker sought U.S. government assistance. GM’s $13 billion public offering took place on November 17. As part of the rescue plan in late 2008, the government required GM to divest its corporate aircraft and prohibited almost all private jet usage by employees. However, there was a provision for charter aircraft use “when a clear business rationale is stated.” During 2009, GM sold its business jets. Not surprisingly, the aviation trade groups welcomed the news that GM used business aircraft again.
GM Starts Using Private Aircraft Again
- November 29, 2010, 10:36 AM