GM (GM) Shares Jump On Plans To Hammer Bondholders

Posted: April 27, 2009 at 7:35 am

bear40GM (GM) has decided to go for all or nothing with its bondholders. They can swap their debt of stock, under unfavorable terms, or take their chances in bankruptcy court. The final stage of the game of chicken between the N0. 1 car company in the US and its creditors has begun. The deadline for the offer is May 26, according to GM’s latest restructuring plan

GM also said it would kill the Pontiac brand.

Douglas A. McIntyre

Read more: Autos,
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