Welcome to the North American Subaru Impreza Owners Club Friday August 1, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
NASIOC
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC General > News & Rumors > Non-Subaru News & Rumors

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 04-27-2009, 01:13 PM   #1
AVANTI R5
Scooby Guru
 
Member#: 73805
Join Date: Nov 2004
Default GM launches last ditch bond exchange offer




Quote:
NEW YORK (Reuters) -- General Motors launched a last ditch effort to reduce its debt, offering to exchange about $27 billion of its notes for common stock to cut costs.

In a filing to the Securities and Exchange Commission, the company said today it is offering to issue 225 shares of its common stock for each $1,000 principal of notes and to pay cash for accrued interest. GM said bondholders would hold about 10 percent of the company after a successful exchange offer.

The rest of the company would be owned by a combination of the U.S. Treasury and the UAW's retiree health care trust fund, CEO Fritz Henderson said today.

GM is facing a June 1 deadline to come up with a plan to make deep reductions in debt, labor costs, dealership network and brands to return to profitability.

"In the event that GM does not receive prior to June 1, 2009, enough tenders of notes to consummate the exchange offers, GM currently expects to seek relief under the U.S. Bankruptcy Code," the company said.

Analysts said the offer might represent the last best hope for the company's bondholders.

"I think that if I was a bondholder I would probably accept this because at least you have some ability to get some cash on the accrued interest side and get some shares that you can sell," said William Larkin, portfolio manager with Cabot Money Management in Boston.
http://www.autonews.com/apps/pbcs.dl...304279859/1229
* Registered users of the site do not see these ads.
AVANTI R5 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Last Ditch site updated Rovah New England Impreza Club Forum -- NESIC 2 08-04-2002 11:16 PM
Last Ditch Racing heads to Baie Rovah New England Impreza Club Forum -- NESIC 7 07-03-2002 06:29 PM
Last Ditch Racing heading to Baie Rovah Motorsports 0 07-02-2002 11:24 AM
Last ditch effort - RE-92s SubaruStu Canada Region Forum 4 03-25-2002 11:23 AM
New Last Ditch Racing Website Rovah Motorsports 0 09-09-2001 08:01 PM


All times are GMT -4. The time now is 10:11 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.