[B][SIZE="2"]GM's bond swap fails; bankruptcy is next step [/SIZE][/B]

A General Motors Corp. (GM-N1.33-0.11-7.64%) bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock.

GM has until Monday to complete a U.S. government-ordered restructuring that includes debt reduction, labour cost cuts and plant closures. But a Chapter 11 reorganization is likely after the company said its offer to exchange $27-billion (U.S.) in unsecured debt for 10 per cent of the company's stock had failed.

GM has received $19.4-billion in federal loans. The Monday deadline was set by the government and includes debt reduction, labour cost cuts and plant closures.

The auto maker said its board will meet to decide its next step.

“The principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury,” GM said in a statement issued Wednesday.

The Obama administration has said it would only provide more funds if 90 per cent of the bondholders, as well as unionized workers, agreed to concessions that substantially reduced GM's costs.

GM also said it cancelled meetings set for Wednesday with holders of notes that were not sold in U.S. dollars. The statement said the meetings were to discuss amendments to the debt-for-equity offers, but it did not specify what the amendments were.

哎，好多生单词啊，看不懂- -

简单的说，就是通用的“债券”持有者否决了“债券转化为股份”的提案，所以破产已经逼近。。。

[quote name='简心。。。']简单的说，就是通用的“债券”持有者否决了“债券转化为股份”的提案，所以破产已经逼近。。。[/QUOTE]

请问债券持有者是？是一般买银行卖的那种债券的普通人还是大银行？
“通用”破产了他们能拿到更多的钱？相比转化为股份
那破产了这个公司以后的运营怎么办？:biggrin:

本帖最后于2009年5月29日17年前，由简心。。。编辑

[quote name='小巨人']请问债券持有者是？是一般买银行卖的那种债券的普通人还是大银行？
“通用”破产了他们能拿到更多的钱？相比转化为股份
那破产了这个公司以后的运营怎么办？:biggrin:[/QUOTE]


The questions you've asked involve a lot of unveiled decisions. The bond holders could be retail or institutional. It is reported that part of the bonds will be cashed back. I have absolutely no idea what's going to happen after the company filed bankruptcy other than restructure to a new company and not paying the "old" company's debt ...

By the way, there is a new offer coming, and the bond holders accept it: that is the bonds will transfer to the "New Company"'s Equity...I am not quite sure the detailed....I don't know whether that answer your question...

本帖最后于2009年5月29日17年前，由简心。。。编辑