GM issues 16 mln shares in exchange for debt

Newswire

DETROIT, Sept 29 (Reuters) - General Motors Corp said on Monday it had issued 16 million shares of common stock to an institutional shareholder in exchange for $176.4 million of convertible notes, reducing interest costs. GM, which has faced intense scrutiny of its finances under the backdrop of the U.S. financial market turmoil, said in a federal regulatory filing that it would consider additional exchanges. The automaker in mid-July announced plans to improve its liquidity by about $15 ...

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