General Motors set for bankruptcy

General Motors looks set to follow fellow “big three” US car maker Chrysler into bankruptcy after failing to get the bondholder support it needs to reduce the firm’s crippling debt.

General Motors set for bankruptcy
Wed, 27 May, 2009 - 16:49

General Motors looks set to follow fellow “big three” US car maker Chrysler into bankruptcy after failing to get the bondholder support it needs to reduce the firm’s crippling debt.

The Detroit-based manufacturer had hoped to agree a deal in which US$27bn (€19.4bn) in unsecured debt was swapped for 10% stake of the company’s stock.

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CourtsBusinessHeathrowPlace: DetroitPerson: President Barack ObamaPerson: Tom WilkinsonOrganisation: General MotorsOrganisation: ChryslerOrganisation: GMOrganisation: White HouseOrganisation: US governmentOrganisation: US Department of the TreasuryOrganisation: Fiat
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