US says support from GM bondholder group key step

Newswire

WASHINGTON, May 28 (Reuters) - A decision by major institutional creditors holding a portion of General Motors Corp bonds to support a sweetened debt/equity exchange offer represents an important step in the automaker's restructuring, the Obama administration said on Thursday. Under the deal being considered by all bondholders in advance of a Saturday deadline to accept or reject the plan, unsecured debtholders would receive 10 percent of a reorganized GM and warrants to buy another 15 ...

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