Three top General Motors Corp. executives have sold more than 200,000 shares of the automaker just days ahead of a government-imposed restructuring deadline.
The three executives sold 203,615 shares on Tuesday at prices ranging between $1.09 and $1.25 per share. Shares of GM have been trading at historic lows in recent months, with investors concerned that it could soon file for bankruptcy.
Shares of GM on Monday rallied 18 cents, or 14.2 percent, to close at $1.45.
The executives who disposed the shares were Vice Chairmen Bob Lutz and Thomas Stephens and Group Vice President Maureen Kempston Darkes.
GM faces a May 31 deadline to clear several hurdles in its restructuring or else it will likely seek bankruptcy protection.
