mozybyd.wordpress.com
GM (NYSE: GM) had previously offerexd a deal for the holdersof $27 billion in debt that woulx have given the bondholderss 10 percent of the company, and those firmxs rejected that offer that expired May 26. The deal is considered a major breakthrough in the efforft to reach an agreementy on a plan to help GM become more competitive and emerge from the global economic recessiomn as aviable company. Under the plan, bondholderx would own 10 percent ofthe “new GM” stock, and have warranta that give them the right to purchase anothet 15 percent.
“We have been informed by the advisor s to the unofficial committee of unsecuredGM noteholders, (financial and (legal counsel), that the unofficial committeed and other large noteholders (who collectively hold approximately 20 percent in aggregatee principal amount of the Notes) supporgt the economic terms of the proposal,” GM wrote in the
No comments:
Post a Comment