Stocks in the news: AIG, General Motors, Sears Holdings


The following post rounds up the companies making headlines today:

American International Group (AIG) Chairman and CEO Edward Liddy announced late Thursday that he plans to depart the company once the insurer's board of directors finds a replacement. It also proposed a 1-for-20 reverse stock split.

General Motors (GM) closed a deal late Thursday with the UAW, so now its future remains in the hands of bondholders with Chapter 11 bankruptcy protection looming around the corner as early as the end of next week. GM has $27 billion in unsecured debt. Meanwhile, GMAC Financial Services will receive $7.5 billion in additional government aid to keep loans flowing to would-be car buyers. GM may also get a fourth offer for its Opel and Vauxhall operations in Europe after a Chinese carmaker submitted an expression of interest yesterday, according to Bloomberg sources. GM shares rose above $2 in pre-market trade.