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GM May Miss $1B Bond Payment Deadline: CFO

Law360 (April 22, 2009, 12:00 AM EDT) -- General Motors Corp’s chief financial officer said Wednesday that the floundering auto giant was unlikely to meet the U.S. government’s June 1 deadline for making a $1 billion debt payment to bondholders, since by that time the company will either have achieved voluntary concessions from creditors or be in the midst of bankruptcy proceedings.

GM expects to launch a debt-for-equity exchange to bondholders soon, in hopes of reducing the company’s $28 billion unsecured debt load, GM Chief Financial Officer Ray Young told reporters during a Chinese...
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