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GM Bondholders To Fight Restructuring Plan

Law360 (June 11, 2009, 12:00 AM EDT) -- A group of individual General Motors Corp. bondholders are preparing to mount a challenge to the planned sale of the bulk of the bankrupt auto giant's assets to a spinoff company known as New GM, a lawyer for the dissident investors said Thursday.

The three creditors, who hold about $2.3 million in GM bonds and are seeking appointment of an official committee of noninstitutional bondholders, will file an objection to the U.S. government-funded restructuring proposal by June 19.

The bondholders' counsel, Michael P. Richman of Patton...
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