General Motors and the US Treasury have improved the offer to GM's bondholders, as they prepare for the firm's move into bankruptcy protection.
Bondholders with $27bn (£17bn) of GM debt are now being offered the option to buy an extra 15% of GM shares as part of a proposed bankruptcy deal.
This is on top of the 10% they had previously been offered.
If bondholders back the new offer, it will allow GM to exit bankruptcy protection more quickly.
The US car giant is expected to apply for bankruptcy protection by 1 June.
GM said it had already secured the backing for the new offer from bondholders representing 20% of the bond debt.
Under its plans to reorganising its share base, the US government will take a 72.5% stake.
No comments:
Post a Comment