- North Korean Nuclear Test Hits Stocks, Impact Limited
- Why a GM Bankruptcy Filing Might Not Be a Bad Thing
- New Worry for Investors: US Government Debt Rating
- ABN Amro Posts Hefty Loss, Separation on Track
- AIG's New Challenge: Finding a CEO Who Wants the Job
- Fed to Keep Rates Low as Economy Recovers: Kohn
- 'Museum' Clobbers 'Terminator' at Weekend Box Office
- Facebook Could Be Valued at $10 Billion: Report
- Obama Sends Landmark Credit Card Bill Into Law
- Lightning Round: Starbucks, Emerson Electric, Gilead Sciences and More
- Lightning Round OT: Aon, First Solar and More
- Fast Food, Fast Profits?
- Semiconductor Speculation
- Wall Street’s Worrywarts
- Buy US Markets and This US Bank: Stock Pickers
- Your First Move For Tuesday May 26th
- Web Extra: Trading TARP Refusals
- Burned By Applied Materials, Home Depot & More!
Text Size 
Bondholders will present an alternative to General Motors' just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured company for $27 billion in debt, according to a person with knowledge of the plan.
The new plan would give the United Auto Workers union 41-percent in a new GM while the U.S. government would not receive an equity stake, according to the person who asked not to be named because the offer had not yet been submitted.
A committee representing GM [GM
Loading...
()
] bondholders will present the alternative plan to the White House task force overseeing the restructuring of GM and Chrysler on Thursday, the person said.
GM said this week it was moving ahead with a plan to offer existing bondholders a 10-percent ownership of the restructured automaker.
Under the GM plan, the US government would own a combined 89-percent of the new company.
GM Chief Executive Fritz Henderson said on Monday the automaker would file for bankruptcy if bondholders did not swap out of 90-percent of the $27 billion they are owed.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes