GM Defends $367M Hedge Fund Deal In Bankruptcy Fight

Law360, Chicago (May 28, 2013, 7:04 PM EDT) -- General Motors LLC on Friday urged a judge to uphold a pivotal $367 million settlement its predecessor inked with hedge fund bondholders as it slipped into bankruptcy, stressing that it has intervened to protect its Canadian subsidiary and not on behalf of the hedge funds.

A trust created for unsecured creditors of the former General Motors Corp., or Old GM, sued in bankruptcy court last year to void the 2009 settlement that paid the hedge funds $367 million in cash and allowed them $2.67 billion in...
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