Apr 27th, 2009 - Bloomberg
April 27 (Bloomberg) -- General Motors Corp. bondholdersfind the automaker’s offer to exchange their $27 billion in debtfor equity unlikely to succeed, according to a person familiarwith the committee representing creditors.
That’s because the offer by GM, the biggest U.S. automaker,treats bondholders worse than other claimants, such as unions,said the person, who declined to be identified because thediscussions are private. At least 90 percent in principal amountof the notes must be exchanged to satisfy the U.S. Treasury andavert a bankruptcy, Detroit-based GM said today in a statement.
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Apr 22nd, 2009 - Reuters
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