May 1st, 2009 - BusinessWeek
If the latest communiqué from the bondholders of General Motors (GM) is any indication, the struggling auto giant could follow its crosstown rival Chrysler into bankruptcy court in a month's time.
A committee representing the owners of about $12 billion of GM's $27 billion bond debt filed a counterproposal to GM's debt-for-equity offering on Apr. 30, and the gulf between the two deals is enormous. If those bondholders—and the owners of another $12 billion in debt—don't agree to the swap, GM would need bankruptcy court to restructure its balance sheet.
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