DETROIT -- General Motors expects to report a profit when it releases its second quarter earnings next week.  This is according to General Motors Chairman and CEO Ed Whitacre who also says the automaker is expected to be solidly profitable for the rest of the year.

According to Whitacre, GM is finalizing a deal for a five-billion dollar revolving line of credit and hopes to launch an initial public offering in the months to come.  Whitacre says that the IPO will brings the government's stock in the company down from 61-percent to less than 50-percent.