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Author Topic: GM won't make $1B June debt payment  (Read 510 times)

Bindare_Dundat

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GM won't make $1B June debt payment
« on: April 23, 2009, 08:28:54 AM »
June payment would be due a day after government's deadline for company to submit restructuring or bankruptcy plan.

NEW YORK (CNNMoney.com) -- General Motors won't be making a June 1 debt payment of $1 billion, a company spokeswoman said Wednesday.

The debt is due the day after GM's government-imposed May 30 deadline to have an aggressive restructuring plan in place or be left to face bankruptcy.

GM (GM, Fortune 500) said it wouldn't make the June 1 payment because as part of its restructuring, the company will be offering to exchange bondholder's debt for equity in the company.

"We're going to have an exchange offer open anyway," said GM spokeswoman Julie Gibson.

A press representative for GM bondholders was not immediately available to comment.
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bigdumbbell

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Re: GM won't make $1B June debt payment
« Reply #1 on: April 23, 2009, 08:32:22 AM »
declare bankruptcy and be done with it already
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Soul Crusher

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Re: GM won't make $1B June debt payment
« Reply #2 on: April 23, 2009, 08:32:44 AM »
Quote from: bigdumbbell on April 23, 2009, 08:32:22 AM
declare bankruptcy and be done with it already

Glimmers of hope everywhere!
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Hereford

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Re: GM won't make $1B June debt payment
« Reply #3 on: April 23, 2009, 08:48:01 AM »
Maybe the UAW can make a payment for once.
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BM OUT

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Re: GM won't make $1B June debt payment
« Reply #4 on: April 23, 2009, 09:36:52 AM »
Obama will keep sending them money to appease the unions.Its a never ending hole.
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Bindare_Dundat

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Re: GM won't make $1B June debt payment
« Reply #5 on: April 23, 2009, 12:26:22 PM »
Quote from: bigdumbbell on April 23, 2009, 08:32:22 AM
declare bankruptcy and be done with it already

no shit. Is it a coincidence GM was one of the biggest contributers to election campaigns?
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Hereford

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Re: GM won't make $1B June debt payment
« Reply #6 on: April 23, 2009, 12:28:07 PM »
Quote from: Bindare_Dundat on April 23, 2009, 12:26:22 PM
no shit. Is it a coincidence GM was one of the biggest contributers to election campaigns?

AIG was Obamas #1 contributor.
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Bindare_Dundat

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Re: GM won't make $1B June debt payment
« Reply #7 on: April 23, 2009, 12:29:32 PM »
Quote from: Hereford on April 23, 2009, 12:28:07 PM
AIG was Obamas #1 contributor.

 was one of the biggest ones, not the biggest one. There are allegations that GM was/is using  rescue cash  to fund lobbying‎
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