Apr 16th, 2009 - Los Angeles Times
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DETROIT -- General Motors Corp. is preparing to launch a public bond-exchange offer soon so the company can start slashing its debt, even without an agreement from a committee representing large institutional bondholders.
The Detroit automaker has been working on a plan to wipe out most of its $28 billion unsecured debt by June 1 to avoid bankruptcy.
The company has thousands of bondholders who have not been privy to talks with the committee but must soon decide whether to participate in an offer and ensure they get at least a small amount of their investment back. They could also hold on to their bonds but risk ending up empty-handed if GM can't cut enough debt and must restructure in bankruptcy court.
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