Agent009 submitted on 5/27/2009 Auto Spies Photos Timestamp: 9:50:50 AM
Views : 3,690 | Category: Misc News | Source: | SOURCE: www.reuters.com
General Motors on Wednesday prepared to face the fallout from a failed debt exchange that sends the largest U.S. automaker closer to a bankruptcy filing expected by the end of the month. GM bondholders had until midnight to trade $27 billion in debt for a 10-percent ownership stake in the reorganized company that U.S. officials have said could emerge from a quick trip through bankruptcy court. As the deadline passed early on Wednesday there was no immediate word from GM on how much debt the offer had succeeded in retiring. The Treasury also had no immediate comment.2010 BMW 550i And 530d GT PHOTO GALLERY2010 Lexus IS-C And HS250H Photo Gallery2009 Lexus LX570 Photo Gallery2009 BimmerFest Photo GalleryIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.comThere are photos and then there are AutoSpies.com photos!AutoSpies.com is ranked number one on Google search for auto showsShare on FacebookRead Article
GM bondholders had until midnight to trade $27 billion in debt for a 10-percent ownership stake in the reorganized company that U.S. officials have said could emerge from a quick trip through bankruptcy court.
As the deadline passed early on Wednesday there was no immediate word from GM on how much debt the offer had succeeded in retiring. The Treasury also had no immediate comment.2010 BMW 550i And 530d GT PHOTO GALLERY2010 Lexus IS-C And HS250H Photo Gallery2009 Lexus LX570 Photo Gallery2009 BimmerFest Photo GalleryIf you want to see your photos running on our homepage photo ticker, be sure to upload your photos on the go by sending them to Mobile@AutoSpies.comThere are photos and then there are AutoSpies.com photos!AutoSpies.com is ranked number one on Google search for auto showsShare on Facebook
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