Sunday, May 31, 2009

GM Bondholders Agree to Debt-for-Equity, Hummer Sale Near

by Calculated Risk on 5/31/2009 10:12:00 AM

From the NY Times: G.M. Bankruptcy Plan Clears Bondholder Hurdle

General Motors’ bondholders finished voting Saturday on the company’s plan to exchange their debt for an ownership stake ... Bondholders with slightly more than 50 percent of G.M.’s $27.2 billion in bond debt agreed to support the plan by the deadline of 5 p.m ... Bondholders would initially get a 10 percent stake, along with warrants for 15 percent.
And the WSJ is reporting that the sale of GM's Hummer brand is near - without details.