General Motors has made planned a $15 to $20 billion dollar IPO for mid-August. But prior to this taking place, GM wants to set up a $5 billion line of credit with chief banks.

Up till now, Bank of America, JPMorgan Chase, Citigroup and Morgan Stanley have agreed to a trivial $500 million.

GM's tender will be in the array of $15 to $20 billion. This IPO is filled with specific conditions, a virtual minefield, as you might say.

The U. S. Government bailed out GM in the line of $50 billion and possesses 61% of its ordinary shares. At some point, the Government intends to vend 20%, or 10 to 12 billion, shares.

The Governments of Canada and Ontario hold an 11.7% stake and intend to sell 20% of it.

The United Auto Workers health care trust owns 17.5% of the old GM, which is now recognized as Motors Liquidation. GM reported its liability at $14.2 billion at the end of March.

GM has a $27 billion dollar retirement fund deficit.

The Government has taken in Lazard Ltd., a Boston consulting corporation, as its counselor.

The earnings from the offer would have to reimburse liability and help sponsors GM's pension liability.