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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: GM eyes possible bankruptcy: WSJ AFP - Friday, April 10 WASHINGTON (AFP) - - Troubled US automaker General Motors is set to renegotiate a less advantageous deal with bondholders to restructure its debt, but a bankruptcy declaration remains more likely, US media reported Friday. ADVERTISEMENT "GM's restructuring could play out in one of two ways. It could successfully negotiate cost-cutting concessions with unions and bondholders so it can become viable outside of bankruptcy. Or, in the more likely scenario, it will reorganize by filing for Chapter 11" bankruptcy, The Wall Street Journal reported, citing unnamed people familiar with the situation. The Treasury Department is pressuring GM to offer its bondholders "a small portion" of company shares, the Journal said, noting that the new deal marked "a sharp cut" from a bond-exchange offer by GM two weeks ago. The earlier deal had provided about 8.5 billion dollars in cash and new debt in GM, on top of 90 percent of company stock. The Treasury "believed the earlier plan was too generous to bondholders," the Journal said, citing people familiar with the matter. GM has already received 13.4 billion dollars from the federal government to help shore up the company. The new offer could be presented "as soon as next week," the newspaper said, warning that is "sure to face strong resistance from bondholders." The plan would also split the company into a "New GM" that would have the company's more promising brands, such as Chevrolet and Cadillac, and an "Old GM" with brands facing trouble. GM has until late June to give the government a restructuring plan, on which additional federal aid would hinge. Email Story IM Story Printable View Blog This Recommend this article 1 user recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Vehicles manufactured by General Motors are lined up for delivery at the Orion assembly plant in Michigan. The troubled US automaker is set to renegotiate a less advantageous deal with bondholders to restructure its debt, but a bankruptcy declaration remains more likely, US media have reported. Most Popular – Top Stories Viewed UN sounds warning after Antarctica ice shelf rips French commandos storm yacht Harry Potter actor arrested over cannabis find US navy bears down on Somali pirates Selective abortion causes 32mln excess China males View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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