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General Motors says bondholders support made offer more appealing
2009-05-28 16:25:46 (GMT) (Caymanmama.com - News)
Jackson, Mississippi (CaymanMama.com) — General Motors Corp. may bask in some much-needed good news after a committee of bondholders have agreed to improve the conditions of the deal which would expunge some of the struggling automaker’s high debt in exchange for stock in the company.
“While the committee continues to remain troubled by preferential treatment that the UAW VEBA is receiving compared to the bondholder class — rejecting this offer in the expectation that the bondholders will do better in a litigated outcome was a risk the committee is unwilling to take,” the committee said in a statement.
In the statement released Thursday, GM said that it offered bondholders 10 percent of the GM’s stock with a guarantee to purchase up to 15 percent if they consent to support selling General Motors’ assets to a new company under bankruptcy court protection.
GM made the disclosure in a filing with the U.S. Securities and Exchange Commission.
According to the Associated Press, “The filing says if the bondholders didn’t agree to support the sale, then the amount of stock and warrants they get would be reduced or eliminated.”
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