Small Bondholders Protest GM's Debt Swap Proposal

Law360, New York (April 29, 2009, 12:00 AM EDT) -- A group of General Motors Corp.'s small bondholders gathered Wednesday in Warren, Mich., to protest both a potential bankruptcy filing and a debt-for-equity swap offer that would keep the automaker out of Chapter 11 but leave the bondholders with only cents on the dollar.

The small bondholders, which hold almost one-quarter of GM's debt, said they did not have the same resources as Wall Street investors. As a result, they encouraged the Obama administration to stand up for them and at the very least offer them...
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