Stalled Bond Swap Means GM Bankruptcy Likely
GM said Wednesday that its offer to swap $27 billion in bond debt for 10 percent of company stock was rejected by bondholders. The exchange offers expired at 11:59 pm Eastern time on May 26.
GM has said the debt-for-equity swap was a key component to keeping the company out of bankruptcy court.
"The principal amount of notes tendered was substantially...
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