Will GM bondholders meet the same fate - Mercedes-Benz Forum

 
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post #1 of 1 (permalink) Old 05-22-2009, 12:22 PM Thread Starter
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Will GM bondholders meet the same fate

as their Chrysler counterparts ?

I reckon it would depend on how many moms and pops, grannies and grandpas are among the dissenting bondholders.

Quote:
The decision by the bondholders threatens to derail G.M.’s efforts to eliminate $27 billion in debt before a June 1 deadline set by the Obama administration.

G.M. has offered its bondholders 225 shares for each $1,000 worth of debt, which over all would give them a 10 percent stake in the company.

The company has said it needs 90 percent approval from its bondholders by next Tuesday if it is to avoid bankruptcy.

But the committee of G.M.’s biggest bondholders, which represent 20 percent of the overall debt, said there was no support for the current offer.

“It’s been a universal ‘no’ from the get-go,” a spokesman for the committee, Nevin Reilly, said. “Bondholders are being seen as speculative bad guys, but bondholders are investors, many of whom put their retirement money into G.M.”

Other, smaller investors have also protested the offer as unfair, increasing the likelihood that G.M. will fall well short of the 90 percent threshold.

http://www.nytimes.com/2009/05/23/bu...23auto.html?hp

... and this important discussion continues.


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