SEC Signs Off On GM Debt-For-Equity Exchange Offer

Law360, New York (May 18, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has approved General Motors Corp.'s plans to convert $27 billion of unsecured bonds into shares in a deal that the struggling automaker claims it needs in order to restructure outside of bankruptcy court.

The SEC approved the exchange offer on Friday after GM filed a supplement to the prospectus of its previous April 27 debt-for-equity swap offer, which the automaker has said it will commence only if 90 percent of bondholders agree to the terms. Otherwise, it will file for...
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