General Motors (GM) bankruptcy closer after bond deadline
Filed under: Autos
Today will see General Motors face fallout from its failed attempt of debt exchange; this will now bring GM even closer to a bankruptcy filing, which could be as early as the end of the month. General Motors had until midnight to try to trade $27 billion in debt in exchange for a 10-percent ownership stake.
The deadline has now passed and the troubled automaker has failed to comment on just how short they were in the debt exchange. Reuters explains that the bond exchange idea from GM has meet with huge criticism since its launch a month ago.
However, the exchange has also been seen as General Motors last hope to reduce its debt outside of government-financed bankruptcy that is already underway for rival Chrysler. GM will offer the details of these results on Wednesday morning.
In other news, we repotred yesterday that GM were looking for another $30 billion from the federal bailout fund.fund
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