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GM Heading to Bankruptcy Court

May 28, 2009 | Comments: 2
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General Motors Corp. (GM) appears to be heading to bankruptcy court. This is after the bond holders who hold $27 billion in debt voted down an offer that would give them only 10% of the restructured GM, as opposed to the 58% that they were looking for.

GM indicated that it may not make $1 billion of debt payments on June 1. The Government is likely to hold 70% of the equity of GM post-bankruptcy, which is reimbursement for $28 billion already given to the company and an expected $40 billion more when a filing occurs. The UAW will have 20% of the company.

Pontiac will be phased out, while negotiations to sell Hummer and Saab continue.

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288
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ago
Brianfmc wrote...
Strike, strike, strike!!! UAW only got 17% of GM? What a rip off, we shold get the whole thing. We created this great company!
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288
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moo wrote...
as i understand it- the bondholders agreed to the 10%- see NYTIMES. GM may still be going into bankruptcy- i would expect that it does, but the bondholders apparently agreed to the 10% (with a promise of an additional 15% dependent on company worth)
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Market Summary Mar 12, 2010 11:36 am ET
DJIA 10616.08  4.24 0.04%
NASD 2366.75  -1.71 -0.07%
S&P 500 1149.48  -0.76 -0.07%