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GM says ready to join GM Daewoo rights offer
GM says ready to join GM Daewoo rights offer
Posted Thursday, Oct 15, 2009, 3:47 pm in Employee News
The chief executive of General Motors Co. reiterated on Thursday that the U.S. automaker would join a rights offering by its struggling South Korean unit, but gave no hint whether GM would put in as much as the unit’s biggest creditor wants, Reuters reported.
Fritz Henderson, told reporters he had “very positive” talks with the government-run Korea Development Bank (KDB), GM Daewoo’s leading creditor, the news service said. KDB has said it may call back maturing loans and foreign exchange forward contracts if GM does not pump more money into the 51 percent-owned unit, which accounts for about a quarter of GM’s global auto production, Reuters said.
Last month, GM Daewoo Automotive and Technology said it would raise 491.2 billion won ($424.1 million) by selling new shares to existing shareholders, the news service said. KDB has said it wants that sum to be more than doubled, the story said. (Reuters)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
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