Small Bondholders Protest GM's Debt Swap Proposal

Law360, New York (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.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.