Bondholders present plan to win GM control

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Bondholders present plan to win GM control

Apr 30th, 2009 - MarketWatch

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LONDON (MarketWatch) -- A committee of General Motors bondholders announced a plan Thursday that would see them relieve their $27 billion of debt in return for a majority stake in the U.S. automaker.

The move comes as similar talks between Chrysler and its debt holders reportedly were on the verge of collapse. See Chrysler story.

The ad hoc committee of General Motors bondholders said their plan would see them get 58% of the new GM in return for debt forgiveness.

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