Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
The SpaceX mission
A privately owned unmanned rocket blasts off on a mission to be the first commercial flight to the International Space Station. Slideshow
U.S. says support from GM bondholder group key step
WASHINGTON |
WASHINGTON (Reuters) - A decision by major institutional creditors holding a portion of General Motors Corp bonds to support a sweetened debt/equity exchange offer represents an important step in the automaker's restructuring, the Obama administration said on Thursday.
Under the deal being considered by all bondholders in advance of a Saturday deadline to accept or reject the plan, unsecured debtholders would receive 10 percent of a reorganized GM and warrants to buy another 15 percent of equity in the company.
"The (administration's autos) task force will continue its efforts to help ensure that GM emerges from this restructuring process as a strong, viable company that can operate independent of government support," an administration official said on the condition of anonymity because the person was not authorized to discuss the matter publicly.
Bondholders overwhelmingly rejected a lesser offer earlier this week.
(Reporting by John Crawley; Editing by Lisa Von Ahn)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters