GM says bondholders support sweetened offer
DETROIT (AP) — General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to erase some of the automaker's debt in exchange for company stock.
The company said in a statement Thursday that it offered bondholders 10 percent of the company's stock with warrants to buy up to 15 percent if they agree to support selling the company's assets to a new company under bankruptcy court protection.
The company made the disclosure in a filing with the U.S. Securities and Exchange Commission.
The filing says if the bondholders didn't agree to support the sale, then the amount of stock and warrants they get would be reduced or eliminated.
May 29, 2009 at 6:40 a.m.
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TheJoker - GM hasn't left Janesville. Only the production of vehicles has left. GM still has employees (still on payroll)in Janesville, and still has property. Just not to the magnitude they once had. Your sources should have explained that to you.....However, they will not ever start up production in Janesville again. If J.A. Craig had not been a good friend of William Durant, they wouldn't have even been here for the 85+ years they were.
May 28, 2009 at 11:41 p.m.
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Posted on November 5 at 10:33 p.m. Joker said - "Janesville is in deep trouble. Again, you heard it hear first. Major box store will be leaving the Janesville Mall after Christmas season and this will start the demise of the mall."
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You got some real good sour ces don't you!
maybe they want to use my crystal ball, LOL LOL LOL LOL
May 28, 2009 at 11:16 p.m.
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If your sour ces have told you, I guess that's law, LMAO. You are a JOKE! As for 'putting a sock in it' bend over!
May 28, 2009 at 8:46 p.m.
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Msleo, use your crystal ball and let us know. Otherwise, put a sock in it. I have information from my sources so I already know.
May 28, 2009 at 7:53 p.m.
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Hey Joke I thought you knew all about all. Ask your sources. You have so many sour-ces. xoxo
May 28, 2009 at 5:30 p.m.
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The bondholders had a gun put to their heads.
That's why they "agreed."
May 28, 2009 at 4:51 p.m.
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Ok local boy, so is GM coming back to Janesville or not?
May 28, 2009 at 3:44 p.m.
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TheJoker - notice nobody is falling in to your web? Your reputation supercedes yourself....
May 28, 2009 at 12:05 p.m.
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Wait. Does this mean GM is not coming back to Janesville? UAW Local 95 ratified changes in the contract and GM will retool the plant for a new line.
May 28, 2009 at 11:23 a.m.
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I think spark is right. NBC 15 has been updating the same page with the same headline since last year.
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Even if specific closures like Janesville are part of this deal, the entire thing would still be up to the bankruptcy court.
May 28, 2009 at 11:13 a.m.
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Another article: http://www.jsonline.com/business/4627150...
May 28, 2009 at 11:12 a.m.
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EMMO46 - That headline is based on a very old story when they announced the plant would be closing. Just giving you a heads up.
May 28, 2009 at 10:55 a.m.
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This is that story (read the updates in reverse order):
http://www.nbc15.com/home/headlines/3081...
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It doesn't have a link and it seems to be based on GM "identifying" plants to close, which probably means chiefly operating plants. I'll wait for a more concrete report.
May 28, 2009 at 10:43 a.m.
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NBC 15 news headline today 5/28: UPDATE: GM Plant in Janesville Closed For Good
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