GM Bankruptcy
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Senior Member
Joined: 01-28-2009
Posts: 154
From: Raleigh, NC
GM Bankruptcy
DETROIT/NEW YORK (Reuters) - General Motors Corp has failed to persuade enough bondholders to accept a debt-for-equity swap, setting the stage for the largest-ever U.S. industrial bankruptcy by the end of this month.
The largest U.S. automaker had so far failed to gain anywhere near the 90 percent of bondholder support desired to stave off bankruptcy, two sources familiar with the discussions told Reuters on Tuesday. Bondholders have until midnight to make their final decision on the tender.
http://finance.yahoo.com/news/GM-bon...&asset=&ccode=
The largest U.S. automaker had so far failed to gain anywhere near the 90 percent of bondholder support desired to stave off bankruptcy, two sources familiar with the discussions told Reuters on Tuesday. Bondholders have until midnight to make their final decision on the tender.
http://finance.yahoo.com/news/GM-bon...&asset=&ccode=
Last edited by ChevyMgr; May 26, 2009 at 01:11 PM. Reason: added first portion of story
Senior Member
Joined: 06-29-2008
Posts: 839
From: Crystal Lake
I posted some info from GMIN in the 1,100 Dealer's closing. They will be filing First week in June. They will split GM into Good Gm and bad GM. Hummer,Saturn,Pontiac will be bad GM. Chevy,GMC,Buick will be good GM.
"GM's goal is to be "New GM" by July 1st. Regardless if that happen's or not, we will have to wait and see.
GMI was told this afternoon by sources that GM is preparing to file for Chapter 11 bankruptcy protection on June 1. This is contingent with what the Obama Administration laid out nearly 60 days ago for GM. GM's bankruptcy is expected to closely follow that of Chrysler LLC's. Unlike Chrysler, essentially all of GM's debt is unsecured, making the U.S. government the largest secured credit by immense amounts. In a fashion similar to Chrysler LLC, the bankruptcy filing will bring about a "363 sale" which will split the company into the now infamous "goodGM" and "badGM." GoodGM will be the new company to emerge from bankruptcy, while badGM will be handed over to the unsecured creditors. The U.S. government will place a bid for goodGM and provide debtor in possession (DIP) financing of $13.5-$14.5 Billion during the process.
GMI was told that current predictions have goodGM out of bankruptcy by the first week of July. However it is imperative to note that those are projected dates and could very easily be off from what actually transpires".
"GM's goal is to be "New GM" by July 1st. Regardless if that happen's or not, we will have to wait and see.
GMI was told this afternoon by sources that GM is preparing to file for Chapter 11 bankruptcy protection on June 1. This is contingent with what the Obama Administration laid out nearly 60 days ago for GM. GM's bankruptcy is expected to closely follow that of Chrysler LLC's. Unlike Chrysler, essentially all of GM's debt is unsecured, making the U.S. government the largest secured credit by immense amounts. In a fashion similar to Chrysler LLC, the bankruptcy filing will bring about a "363 sale" which will split the company into the now infamous "goodGM" and "badGM." GoodGM will be the new company to emerge from bankruptcy, while badGM will be handed over to the unsecured creditors. The U.S. government will place a bid for goodGM and provide debtor in possession (DIP) financing of $13.5-$14.5 Billion during the process.
GMI was told that current predictions have goodGM out of bankruptcy by the first week of July. However it is imperative to note that those are projected dates and could very easily be off from what actually transpires".
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Joined: 03-29-2009
Posts: 1,097
From: Quebec City
