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GM plans for bankruptcy Monday

Post Time:May 29,2009Classify:Industry NewsView:117

General Motors, which today unveiled a sweetened deal to shed billions in debt, plans to file for bankruptcy reorganization Monday, the Free Press has learned.

The Obama administration today offered General Motors Corp. creditors carrying $27.2 billion of the company's bonds up to 25 percentof a reworked GM if they vowed not to oppose its bankruptcy -- a deal that officials said had the backing of at least one-third of the bondholders.

GM also revealed that the U.S. Treasury plans to give GM at least an additional $30 billion to pay for the bankruptcy on top of the $19.4 billion already lent to keep the automaker in business, with all but $8 billion of that about $50 billion swapped for an initial 72.5 percentstake in the new GM, according to a May 29 Free Press report.

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