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General Motors Near Bankruptcy Stage

May

27

2009

WSJ Alert says – "GM Bondholder Offer Disappoints, Bringing Bankruptcy Near"

General Motors said not enough of its bondholders agreed to swap their debt for company stock, meaning the auto maker is almost certainly headed for bankruptcy protection.

GM has until Monday to finish restructuring or file for Chapter 11. But the company said Wednesday that its offer to exchange $27 billion in unsecured debt for 10% of the company’s stock had failed.

From WSJ.com


Asked By: Amit Agarwal [41 Green Star Level]
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