Majority of GM bondholders accept exchange offer
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Majority of GM bondholders accept exchange offer
DETROIT (AP) - A representative for General Motors' bondholders says the majority of them will support a sweetened deal to swap the company's $27 billion debt for equity. That should make the automaker's reorganization go more smoothly after it enters bankruptcy protection, as is expected Monday. A statement from a group of large, institutional bondholders Sunday says 54 percent of GM bondholders agree to exchange their unsecured bonds for a 10 percent stake in a newly restructured company, plus warrants to purchase a greater share at a later date. read more
NECN | May 31, 2009
