General Motors made a new offer Thursday to attract bondholders' support for a quick restructuring. Bondholders are being asked to swap their debt for shares in a new GM.
They'd get 10 percent of the stock — and warrants to buy an additional 15 percent.
bondholdersGM Asks Bondholders To Swap Debt For SharesNPR Programs: Morning Edition Thu, 05/28/2009 - 10:25am
GM Says Bondholder Offer FailsNPR Programs: Morning Edition Wed, 05/27/2009 - 7:05am
General Motors seems destined for bankruptcy. Bondholders in the automaker have forced it to withdraw a plan to swap $28 billion in bond debt for 10 percent of the company's stock. |
