May 28th, 2009 - Washington Post
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General Motors announced today that it has reached a tentative deal with some of its lenders, which would give them a 10 percent stake in the new company and the ability to buy more shares if the recovery of the automaker goes well.
The bondholders would receive warrants to buy an additional 15 percent stake in a newly organized GM, according to a filing this morning with the Securities and Exchange Commission. In exchange they would have to agree to give up their claims against the company and support the automaker's restructuring plan, which is being overseen by the Treasury Department. The company is likely to file for bankruptcy this Monday, though some paperwork could be submitted over the weekend.
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UAW ratifies new GM labor agreement
May 29th, 2009 - Reuters
* 74 percent of workers ratify amended contract * Modifications affect 54,000 U.S. factory workers DETROIT, May 29 (Reuters) - The United Auto Workers unionhas overwhelmingly ratified a new cost-cutting labor agreementwith General Motors Corp (GM.N)...
GM Misses Goal for Debt-Equity Swap Before Bankruptcy Deadline
May 27th, 2009 - Bloomberg
May 27 (Bloomberg) -- General Motors Corp., the largestU.S. automaker, failed to get 90 percent of its bondholders toswap their claims for stock ahead of a government-imposed June 1deadline to restructure or file for bankruptcy.
GM Slashes the UAW's Equity Stake
May 26th, 2009 - BusinessWeek
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GM bondholders dig in, gird for bankruptcy
May 23rd, 2009 - Reuters
NEW YORK (Reuters) - General Motors Corp's bondholders on Friday said they remained opposed to the company's proposed bond exchange, a position which threatens to send GM into bankruptcy soon...
FACTBOX: GM: key dates in run-up to bankruptcy deadline
May 18th, 2009 - Reuters
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