May 22nd, 2009 - Reuters
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WASHINGTON (Reuters) - Four U.S. Republican lawmakers have complained to Treasury Secretary Timothy Geithner that a plan to restructure automaker General Motors Corp subverts the rights of bondholders, according to a letter from the lawmakers obtained by Reuters on Friday
A proposed restructuring favors the claims of the United Auto Workers union "over the rights and claims of the company's diverse group of bondholders, who collectively hold $7 billion more in General Motors debt than the UAW's health trust and are equal members of the creditor class," the lawmakers said.
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