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Saturday, May 30, 2009

Report: GM Bankruptcy on Monday

by Calculated Risk on 5/30/2009 10:16:00 PM

From the WaPo: GM Bondholders Vote on Sweetened Deal

GM is now speeding toward its day of reckoning, as the automaker will likely file for bankruptcy protection tomorrow.
From the WSJ: GM Awaits Fate as Bondholder Votes Are Tallied
General Motors Corp. on Saturday readied for a bankruptcy filing ... The company, the U.S. Treasury and an ad hoc committee representing large institutional creditors all declined comment after the expiration of a 5 p.m. EDT deadline for acceptance of the exchange. However, one member of the ad hoc committee said Saturday that the sweetened deal was expected to be approved by a majority of noteholders ...

GM's board was meeting ahead of an expected announcement on Monday that the auto maker will seek Chapter 11 protection, and GM Chief Executive Fritz Henderson scheduled a news conference Monday in New York.