We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

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

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.