Bankruptcy, Debt-for-equity | featured news

(Image from article: "Bondholders accept GM equity offer, setting stage for bankruptcy")

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Bondholders accept GM equity offer, setting stage for bankruptcy

A majority of bondholders agree to swap their debt for a stake in a reorganized GM, which is expected to file for Chapter 11 on Monday.

Bondholder Group Reaches Deal for Up to 25% G.M. Stake

G.M. said a key group of bondholders agreed not to oppose the reorganization plan in exchange for a stake of 10% in the new G.M., with warrants to buy an additional 15%.

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Debt Exchange Falls Short; G.M. Moves to Sell Units

G.M. prepared for a bankruptcy filing, as bondholders rejected an offer to exchange $27 billion in debt for stock.

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GM Will Miss Its $1 Billion Debt Payment, Stock Plummets

General Motors Corp. will not make a $1 billion debt payment due June 1, its CFO, Ray Young, told reporters on Wednesday. Instead, it is hoping to complete a debt-for-equity exchange or be forced to resort to bankruptcy.

GM's stock plummeted on the news.

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