GM bondholders reject 10 percent stake offer in bankruptcy plan
GM bondholders rejected the proposed 10 percent equity swap, saying they deserved about 58 percent of the company in exchange for their $27 billion debt. The rejection sets up a high likelihood of Chapter 11 filing before the government deadline and would mark the largest industrial bankruptcy in U.S. history.
MENTIONED IN THIS ARTICLE
Detroit
General Motors
U.S
John Patton
University of Michigan
Associated Press
Chrysler seeks Fiat merger in bankruptcy court showdown
In New York, Chrysler LLC defends selling most assets to Fiat to avoid liquidation. The deal aims to create a leaner firm able to build fuel efficient cars, with a June 15 deadline risking Fiat backing out. Court packed with officials, dealers, retirees, and pension funds pressing objections as Tom Lasorda testifies.
MENTIONED IN THIS ARTICLE
New York
Chrysler
Italy
Fiat
Chrysler LLC
U.S
Manhattan
Indiana
Tom Lasorda
Bargain buyers lift housing market amid foreclosures surge
The National Association of Realtors reports a 2.9 percent rise in April home sales to 4.68 million annual rate, driven by bargain-priced foreclosures. High end markets stagnate as mortgage access remains tight and overall unsold inventory grows near 4 million with 10 months of supply.
MENTIONED IN THIS ARTICLE
Washington
Las Vegas
Phoenix
Miami
Sherry Chris
Better Homes and Gardens Real Estate
National Association of Realtors
Realtors Group
Saudis oppose OPEC cut as prices rise to six month highs
Saudi Arabia signaled no production reduction ahead of the OPEC meeting. Oil held near $63 a barrel with July delivery at $62.84 in Europe amid expectations demand from Asia and a recovering U S economy could push prices higher. Jose Maria Botelho de Vasconcelos said briefs consultations were likely.
MENTIONED IN THIS ARTICLE
Vienna
Saudi Arabia
OPEC
Ali Naimi
Naimi
Ments
Asia
Jose Maria Botelho de Vasconcelos
Angola
Europe
Elec
Also Mentioned on This Page
Sr Bankruptcy Court
GM Tal Moto
He Auto Giant
Semene
U.S/Cana
Bree Fowler
Tronic
New York Mercantile Exchange
the Conference Board
the Market IN Review
Dany Dow Jones
Dow Jones Industrials
Dow Industrials
Dow Transportation
Dow Unithes
Nyse Composite
Faimen
CrsTom Bors
HawkCorp
Microsoft
ApkiMat
GenElec
Ishemat
AndAsPac
Lowes
PwShs
DinFinBear NY
Prushssp NY
Prousmre NY
Emersone NY
ProuSnFn
Sears
Spa
Chisago Board of Trade Cme
NYBT
New York Board Board of Trade Gage
Bala m
BondAm
Cox
Fidelity Divinnt
Fidelity LowPriStk
Pimco TotRetAdm
Pimco TotRetis Cl
Vanguard
Vanguard Instiix
Questromes
Fonsi
Jeturn
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