GM bondholder offer fails - Dodge Nitro Forum
Chrysler/Dodge/Jeep News Find out the latest scoop here!

 
LinkBack Thread Tools Display Modes
post #1 of 1 (permalink) Old 05-27-2009, 02:38 PM Thread Starter
Super Moderator
 
rickaren's Avatar
 
Join Date: Nov 2006
Location: Indiana
Posts: 22,746
Garage
GM bondholder offer fails

GM bondholder offer fails; bankruptcy closer

Posted Wednesday, May 27, 2009, 1:39 pm in Employee News

General Motors Corp. has failed to lure enough bondolders to swap debt for a 10 percent stake in the company, which pushes the automaker closer to a Chapter 11 bankruptcy filing, The Detroit News reported.

The number of bondholders who agreed to the swap was “substantially less” than the 90 percent mandated by the U.S. Treasury Department, which has loaned GM $19.4 billion, the paper said. The offer, which expired at 11:59 p.m. Tuesday, was widely viewed as unlikely to tempt GM’s unsecured bondholders to exchange about $24 billion in debt for a 10 percent piece of the restructured automaker, the News said.

The failed exchange could force GM to file Chapter 11 bankruptcy by Monday, the deadline by which the automaker was required to restructure and reach money-saving concessions with the UAW and bondholders, the story said. (The Detroit News)

Rick

Nitro Year: 2007 (1 of 91,815 sold in 07)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
rickaren is online now  
Sponsored Links
Advertisement
 
Reply

  Dodge Nitro Forum > Dodge Nitro News & Polls > Chrysler/Dodge/Jeep News

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Dodge Nitro Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Similar Threads
Thread Thread Starter Forum Replies Last Post
Chrysler to Offer $1,000 Certificates rickaren Chrysler/Dodge/Jeep News 0 05-14-2009 11:44 PM
Chrysler to offer zero percent financing on '08 Rams rickaren Chrysler/Dodge/Jeep News 1 07-10-2008 02:16 PM
Chrysler 300, Dodge Charger offer BorgWarner ITM transfer case AWD technology rickaren Chrysler/Dodge/Jeep News 0 07-04-2008 09:19 AM
Chrysler Improves $2.99 Gas Offer rickaren Chrysler/Dodge/Jeep News 0 05-23-2008 01:03 PM
Chrysler extends gasoline subsidy offer until July 7 rickaren Chrysler/Dodge/Jeep News 0 05-19-2008 01:57 PM

Posting Rules  
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome