Small Bondholders Protest GM's Debt Swap Proposal

Law360 (April 29, 2009, 12:00 AM EDT) -- A group of General Motors Corp.'s small bondholders gathered Wednesday in Warren, Mich., to protest both a potential bankruptcy filing and a debt-for-equity swap offer that would keep the automaker out of Chapter 11 but leave the bondholders with only cents on the dollar.

The small bondholders, which hold almost one-quarter of GM's debt, said they did not have the same resources as Wall Street investors. As a result, they encouraged the Obama administration to stand up for them and at the very least offer them...
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.