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GM bond swap failure points to inevitable bankruptcy
GM rejected bond exchange after holders declined the offer to swap 27 billion in unsecured debt for 10 percent of GM stock. The move sharpens prospects of Chapter 11 as GM fights to complete a government mandated restructuring with debt cuts, labor concessions, and plant closures. Chrysler also seeks bankruptcy court approval to sell assets to Fiat, as both automakers face mounting debt and weak auto demand amid a broad recession.
MENTIONED IN THIS ARTICLE
Detroit
General Motors Corp
Chrysler LLC
Italy
Fiat Group Spa
Chrysler
Fiat
U.S
John Patton
University of Michigan
Pattow
Tom Wilkinson
U.S. Department of the Treasury
Obama
United Auto Workers Union
Wilkinson
UAW
District Court
Franklin County
Kansas
Ottawa
S.E
Deford
Ash Street
Southlaw.com