From Xinhua Financial News

DETROIT -- General Motors Corp. said Thursday it received a request from the Securities and Exchange Commission (SEC) for documents related to its recent restatement of past financial results.

The documents deal with GM's accounting for certain foreign exchange contracts and commodities contracts, the automaker said in an SEC filing.

Also in the filing, GM narrowed its contingent exposure related to Delphi Corp., its former parts division, to about $7 billion from its previous estimate of $6 billion to $7.5 billion.

The automaker expects to reimburse Delphi for certain labor expenses with an initial payment of up to about $500 million when it emerges from bankruptcy, and provide annual labor-related payments of $300 million to $400 million and annual transitional payments of about $100 million.

The total amount of the contingent liability and the specific amounts and periods that the subsidies would be paid are still subject to negotiation, GM said.

The automaker added that it still expects the cost of the reimbursements will be more than offset in the long term by savings from reductions to the annual $2 billion price penalty it currently pays Delphi.

GM also expects Cerberus Capital Management LP, which recently bought a controlling stake in DaimlerChrysler AG's Chrysler Group, to back out of an investment plan that would allow Delphi to emerge from bankruptcy.

The company also said that the sale of its Allison Transmission business is "probable," pending union and regulatory approvals.

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