GM has asked bondholders to respond by May 26 to its proposal for a debt-for-equity swap but warned on Monday that if the plan failed to go through by June 1 and it filed for bankruptcy, they might receive no “consideration at all”. An ad hoc committee of GM bondholders called the plan, which asks bondholders to swap all their claims for 10% of equity in the reorganised company, “neither reasonable nor adequate”.

This entry was posted by Gwen Robinson on Tuesday, April 28th, 2009 at 5:06 and is filed under Capital markets. Tagged with gm. Edit this entry.