GM Restates Quarterly Loss, Citing Tax Issues

General Motors Corp. said it would restate its second-quarter loss to $3.4 billion, a $200-million increase to reflect a tax provision related to the pending sale of its finance arm, GMAC.

The automaker also said the closing of the $14-billion deal to sell a 51% stake in GMAC to an investment consortium could be delayed beyond the fourth quarter because of difficulty in obtaining regulatory approval. Chief Financial Officer Fritz Henderson said last week that the deal was on track to close in the fourth quarter.

GM shares fell to $30.80 in extended trading after closing at $31.30, down 93 cents on the day.

In a Securities and Exchange Commission filing, GM said it had revised the loss from the $3.2 billion reported last week because it had increased its after-tax charge to reflect a difference between the book value and taxable value of unspecified GMAC subsidiaries.