News Sections
Audio
Bankruptcy May Be Unavoidable For General Motors
Updated May 5, 2013 12:06 AM | Filed under: Network Indiana
 Print    Archive    RSS

(UNDATED) - Bankruptcy now appears inevitable for General Motors.

The Detroit-based automaker, with key Indiana facilities in Indianapolis, Marion, Bedford and Allen County, has announced it does not have enough bondholders willing to exchange debt for company stock.

GM had hoped to exchange 27.2 billion dollars in unsecured debt for 10 percent of company stock.

The move was needed to satisfy debt reduction requirements under its loan agreements with the federal government.

GM is facing a Monday deadline to complete a restructuring of file for chapter 11 bankruptcy protection.



« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to comments@wbiw.com

Advertise with 1340 AM WBIW
Advertise with 1340 AM WBIW


1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2014 Ad-Venture Media, Inc. All Rights Reserved.   WBIW.com and Listen Live Powered by HPC

Advertise  |  Careers  |  About  |  Feedback