GM bondholders cave, Ch. 11 looks easier (Dealscape

General Motors Corp. said Thursday that a committee of holdout bondholders signed on to a sweetened debt swap. The move eliminates a major obstacle that could have complicated any bankruptcy filing.

The new offer came just hours after bondholders overwhelmingly rejected an earlier swap that would have traded $27.2 billion in unsecured debt for a 10% stake in the reorganized automaker. Bondholders complained that their claims were being treated unfairly compared with a union healthcare trust that will receive nearly double the equity while forgiving less debt.

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NOT A SUBSCRIBER? GM bondholders cave, Ch. 11 looks easier Posted on May 28, 2009 12:45 PM General Motors Corp. said Thursday that a committee of holdout bondholders signed on to a sweetened debt swap. The move eliminates a major obstacle that could have complicated any bankruptcy filing. The new offer came just hours after bondholders overwhelmingly rejected an earlier swap that would have traded $27.2 billion in unsecured debt for a 10% stake in the reorganized automaker. Bondholders complained that their claims were being treated unfairly compared with a union healthcare trust that will receive nearly double the equity while forgiving less debt. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 275 in-depth reports of Bankruptcies in the Automotive sector 68 in-depth transaction records for General Motors 31 in-depth reports of Reorganization plans in the Automotive sector 16 company pages for General Motors 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Skadden Arps Amusement parks Deb Shops Windstream Corp. Diedrich Coffee Hanna Andersson Tween Brands Entertainment Lazard Lyondell Chemical		EXISTING USERS Username Password Forget your password? Missing a product?

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