GM bondholders may get 20 pct of company - report

Newswire

NEW YORK, Jan 29 (Reuters) - General Motors Corp's bondholders may receive around 20 percent of the company's equity as part of a planned debt exchange designed to reduce the automaker's crippling debt load, JPMorgan said. GM's bondholders and the company have each hired advisers on how to complete a debt-to-equity exchange that the automaker expects will reduce its unsecured U.S. debt to $9 billion from nearly $28 billion. A reduction in the debt load and concessions from union workers ...

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