GM on its way out…
GM’s bondholders have reached a deal after failing to agree on 27 bln USD in unsecured debt. GM had proposed an exchange where bondholders would receive 10% of the equity of the restructured company.
A new proposal was filed whereas bondholders would receive 10% and an option to purchase up to 15% on condition they did not oppose the government-sponsored restructuring. The US Treasury would own 72.5% and the United Auto Workers 17.5%.
The exchange offer will be open to bondholders until Saturday 5 p.m.
GM’s bondholders have reached a deal after failing to agree on 27 bln USD in unsecured debt. GM had proposed an exchange where bondholders would receive 10% of the equity of the restructured company.
A new proposal was filed whereas bondholders would receive 10% and an option to purchase up to 15% on condition they did not oppose the government-sponsored restructuring. The US Treasury would own 72.5% and the United Auto Workers 17.5%.
The exchange offer will be open to bondholders until Saturday 5 p.m.
And the: Which company will replace GM in the indices?
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