GM bondholders brace for a reduced offer, new terms

Newswire

By Walden Siew NEW YORK, March 31 (Reuters) - General Motors Corp bondholders on Tuesday braced for a reduced offer for about $28 billion in outstanding GM debt and new terms for a swap under a revised survival plan. Bondholders, a key constituency in any restructuring or potential pre-arranged bankruptcy plan, met on Monday to discuss the latest efforts by GM to overhaul its operations and reduce its debt burden, according to two sources who participated on the conference call. The ...

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