InfoAnda - GM bankruptcy takes shape with US in driver's seat

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Appeals court orders new trial in Brocade case | 19 August 2009
Judge cuts $2M penalty in MN song-sharing case | 23 January 2010
S.Korea's Woori, KB consider share sales | 3 June 2009

Iran watchdog says Ahmadinejad oil ministry move illegal | | 21 May 2011

">Forum Views () ">Forum Replies ()

Read more with google mobile : GM bankruptcy takes shape with US in driver's seat

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 bankruptcy takes shape with US in driver's seat AFP - Friday, May 29 WASHINGTON (AFP) - - General Motors put the final pieces of a pre-packaged bankruptcy in place that would give the US government up to 72.5 percent of the new firm and sweetens the offer to bondholders. ADVERTISEMENT GM said in a regulatory filing that the US Treasury agreed to the plan to create a new company that buys the assets of the ailing automaker. Significantly, a group of bondholders who had rejected an earlier proposal agreed to the new plan, GM said. The US government could provide "in excess of 50 billion dollars" to this reorganization that would be converted mainly to stock, according to GM's filing with the Securities and Exchange Commission. A senior US administration official said this would include new cash of some 39 billion dollars from the US and Canadian governments, which would be on top of the 20 billion dollars already injected into GM by Washington. The official said a GM bankruptcy might take somewhat longer than for Chrysler, which is seeking to emerge soon after filing for bankruptcy protection April 30. "A 60- to 90-day timeframe is a better" estimate, the official said. GM's survival plan had been in doubt earlier this week when holders of some 27 billion dollars in GM bonds rejected a plan to swap that debt for 10 percent of the new company. But a new proposal by the US Treasury "provides incentives for GM's unsecured bondholders," giving them a potentially larger stake in the new firm. The bondholders would get 10 percent of the common equity of "New GM" and warrants that give them the right to purchase another 15 percent of the reorganized firm, according to the filing. The ad hoc Committee of GM bondholders said in a statement it supports the revised offer: "When contrasted with the alternative -- uncertain and costly bankruptcy court litigation ... it represents the best alternative for bondholders in the current difficult and dire situation." The bondholders, who a month ago had proposed a deal that would give them 58 percent of the new GM, said that the 10-percent stake plus the opportunity to buy 15 percent "gives the bondholders the opportunity to recover a greater portion of their original investment than was previously offered." The committee represents around 20 percent of GM bondholders but as the most organized element is likely to carry considerable weight. "From GM's perspective this obviously helps take one of the more organized groups of dissenters out of the picture," said Stephen Lubben, a law professor and bankruptcy specialist at Seton Hall University. But another group representing many small bondholders rejected the new proposal and said it would challenge the case in court. Main Street Bondholders said the plan remained unfair to investors, who would get just 13 cents on the dollar compared with 66 cents for claims from GM's main union, the United Auto Workers. "The US government appears to overtly favor the UAW members over America's seniors and retirees," a spokesman said. The US official said the Treasury did not set a threshold as with an earlier proposal that required 90 percent of bondholders to agree. The investors will have until 2100 GMT Saturday to decide on the plan. Creation of the new firm would wipe out a large part of the auto giant's debt, leaving GM owing some 17 billion dollars excluding the warrants and special preferred shares that require dividend payments. The plan provides for a swap of a portion of the Treasury's loans for the 72.5 percent stake, leaving a debt to the government of 8.0 billion dollars. The filing said that the US Treasury stake could be reduced by a stake given to the governments of Canada and Ontario province if they provide funding for the reorganization. Some 17.5 percent of the new firm would go to the trust fund that pays retiree benefits knows as a Voluntary Employee Beneficiary Association, or VEBA. The remaining 10 percent in the new firm would be held by "Old GM," which would be controlled by the bondholders. GM was widely expected to file for bankruptcy protection ahead of a June 1 deadline imposed by the administration of President Barack Obama, which has provided the automaker with billions of dollars in emergency loans. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A General Motors dealer displays a banner promoting a staying in business sale in Santa Monica. General Motors put the final pieces of a pre-packaged bankruptcy in place that would give the US government up to 72.5 percent of the new firm and sweetens the offer to bondholders. Most Popular – Top Stories Viewed Canada's governor eats raw seal heart World first: Japanese scientists create transgenic monkeys Germany still hopes for deal after Opel talks stall NZealand zookeeper killed by white tiger: police Vitamin D boosts brain power in middle-aged men 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

Other News on Friday, 29 May 2009
Up to 35 insurgents killed in Afghanistan: officials
Russian 'Jungle Book' girl adapting to daily life
Blogging guru chips away at Great Firewall of China
Talent judge defends singing sensation Boyle
Time Warner to spin off ailing AOL
Blast at mosque in Iran's Zahedan kills 30: report | International |
Scores hurt as riots mar Barcelona celebrations
Iceland govt asks parliament to vote on EU membership
Israel dismisses US demand on settlements
Chatty Chavez begins Venezuelan talk-show marathon | International |
Mexican trains, trucks hijacked in new crime wave | International |
German unemployment rate falls to 8.2%
GM bankruptcy takes shape with US in charge
Lawmakers step down over British expenses scandal | International |
It's a girl: Thai zoo says panda cub is doing well
Seven charged with sectarian murder in Northern Ireland | International |
Obama to meet Palestinian leader Abbas
Verizon to sell Palm Pre, new BlackBerry Storm | Technology |
EU to study how Google Books impact authors | Technology |
Sony Ericsson unveils gesture gaming phone | Technology |
NYC police seek clues to explosion at Starbucks
OPEC holds output steady, sees economic recovery
Pakistan's forex reserves rise to $11.19 bln
S.Korea bank shares soar on hopes of M&A, lower capital
Wired South Korea mourns ex-president online
Judge says Boyle threatened to quit | Entertainment |
Family movies on way Up at box office | Entertainment |
Tom Sizemore arrested on drug warrant | Entertainment |
Depeche Mode singer has tumor removed | Entertainment |
DreamWorks to release five films every two years | Entertainment |
Indonesian court clears company, govt on mud disaster
Chatty Chavez begins Venezuelan talk-show marathon | Entertainment |
Just a Minute With: Japan's Oscar-winning Yojiro Takita | Entertainment |
Global newspaper sales inched up in 2008: industry body
Dutch city to close cannabis cafes near schools
Crisis hits iconic Christian Lacroix
Marcel Marceau auction raises $680,000
Italo renaissance sparks electro-music rethink
U.S. slams British press over report of abuse photos
Irish EU vote seen as litmus test
South Korea worries North may take more action | International |
Dell quarterly net profit down 63 percent
Blast at mosque in Iran's Zahedan kills 30
Bullish OPEC banks on demand bounce
Over 20,000 died in Sri Lanka rebels' defeat: report | International |
Future of newspapers is digital: Murdoch
Georgia struggles for EU's ear: president
Iran mosque bombing kills 19 worshippers: agency
GM bankruptcy takes shape with US in driver's seat
Weeping South Koreans pack streets for Roh's funeral | International |
Ancient eruption 'killed off world's sea life'
Microsoft unveils new Bing search engine
Up to 35 insurgents killed in Afghanistan: officials
Obama meets Abbas, presses Israel on settlements | International |
Israeli troops kill a Hamas leader in West Bank
Stem cell breakthrough gets closer to the clinic
Color Kindle 'multiple' years away: Amazon CEO
35 militants killed in Afghanistan: U.S. forces | International |
Nineteen die in Iran mosque bombing: governor | International |
Zhao's Chinese memoirs go on sale in Hong Kong | International |
Iraq leader vows to end corruption amid scandal
Big quake off Honduras kills 6, crumbles houses | International |
Victims recall U.S. abuse; other Iraqis shrug | International |
SKorea, US troops raise alert after NKorean threat
Deadly Pakistan blasts kill ten
Dalai Lama named honorary citizen of Warsaw
Obama meets Palestinian leader Abbas
Bombs and gun battle rock Pakistan's Peshawar
UN rights chief presses for Sri Lanka probe
Dell aspires to be top Asia PC brand by 2012 | Technology |
Myanmar slams foreign interference over Suu Kyi
Utah workers criticize voiding of drilling leases
Xbox 360 to show Sky live and on-demand programming | Technology |
Boulder cops say 3 dead in planned murder-suicide
Australia isolates ship, orders swine flu vaccine
Man pleads not guilty to killing Chandra Levy
Pakistan seeks English version of Mumbai evidence
Japanese industrial output up 5.2 percent in April
China to crack down on Internet bars: state media
S.Korean bonds edge up early, production data eyed
Seoul shares open higher; pressured by banks
Japanese consumer prices down 0.1 percent in April
AirAsia quarterly profits up 26 percent
Japan's Sumitomo Mitsui to raise up to $8.3 bln
Microsoft Rolling Out New Search Engine Called Bing
U.S. To Host Leaders Of G-20 At September Summit In Pennsylvania
Nobel Prize-Winning Viagra Maker Dies At 92
Florida Eyeing Bounty To Wipe Out Everglades Scourge
Britons see French as sexier, but less witty: poll
Leno move shakes up U.S. television | Entertainment |
H1N1 Flu Kills Illinois Man, Third Death In State
Singing sensation Susan Boyle 'considered quitting show'
Steve Martin hits U.S. chart with banjo music | Entertainment |
U.S. President Meets With Palestinian Authority President On Advancing Mideast Peace
One in 4 kids in US is Hispanic, not recent immigrant: report
Wall Street Rallies As Treasury Concerns Ease
Microsoft Hopes Bing Has Big Bang
Dr. Dre debuts Detox in Dr. Pepper ad | Entertainment |
FDA OKs New Ankle Prosthesis
Producer recruiting military for film projects | Entertainment |
New Low Cost Airline Offers Nine Dollar Flights
Tom Sizemore arrested on drug warrant | Entertainment |
Spielberg's Tintin to unspool in late 2011 | Entertainment |
Cheap Trick selling new album online | Entertainment |
Captain and Somali pirates set to go Hollywood | Entertainment |
Rihanna to testify in Brown case | Entertainment |
Russia, Belarus talks end in 'scandal': press
Death toll from Iran mosque bomb up to 23: reports
Opel future in the balance as bidders stall
Myanmar's Suu Kyi ill, court delays trial | International |
Book-burning row clouds Egypt's bid for UNESCO job
'Old woman' wows China's Pop Idol clone: report
Warships block vessel from rebel-held Somali port | International |
GM tweaks rescue plan as Chrysler back in court
Cyclone strands millions in India and Bangladesh | International |
Countries destroying cluster bomb stockpiles: report | International |
Iran official says mosque bombers hired by US
12 face federal human trafficking charges
White House downplays North Korea's threats
Clinton warns N. Korea against belligerent actions
Six Wounded After Rap Group Opens Fire At Austin Nightclub
Court Upholds Taking DNA Samples From Indicted Federal Felons
Court upholds 'not guilty' ruling on ex-Samsung boss
Concluding A 60-Day Review, Obama Bolsters National Security With Cyber Czar Position
Asia, Middle East to boost defence spend: Boeing
Obama Administration Orders Year-Long Ban On Roadless Forest Activities
S.Korea output rising but no sign of recovery
U.S. Economy Shows Sign Of Recovery As It Contracts By 5.7% In First Quarter
Seoul shares up led by techs, autos; banks fall
NZ dollar sits at highs after budget; bonds gain
Major Newspapers Hold Unpublicized Meeting In Chicago
Nader: McAuliffe Tried To Bribe Me In 2004
Pakistani c.bank buys back 21.4 bln rupees of bills
Insider Poll Says Republicans Shouldn't Block Sotomayor's Appointment
Burris Blames State Impeachment Panel For Not Asking About Wiretapped Call
Update: Tropical Depression 1 Steers Clear Of Land
China: green rules for overseas investors
Geithner to reassure China on investment
Ebbing violence heralds IT boom in Indian-Kashmir
Leno move shakes up U.S. television | Entertainment |
Congress party allots flats to Slumdog child stars | Entertainment |
S.Korea's pension fund to cut U.S. bond holdings
Internet sensation Boyle bids to win TV show final | Entertainment |
At National Bee, kids vie to be US best speller
Music producer Spector faces sentencing for murder
Victims slam govt over Indonesia's mud volcano
Tough anti-smoking measures split Croatia
Hungarian towns in horse race to attract tourists
New Low Cost Airline Offers Flights Under $10
Florida Eyes Bounty To Wipe Out Everglades' Slithering Scourge
Microsoft Dubs New Search Engine 'Bing'
Survey: Men, Women Average 30 Minutes Daily Or 8 Days A Year In Bathroom
Japanese Scientists Create First Transgenic Monkeys With Skin That Glows Green
Winner Of $232M Powerball Jackpot From Winner, S. Dakota
Canada's Governor General Defends Her Act Of Eating Raw Seal Heart
Maryland Saves Turtles And Gas By Enlisting Goats To Trim Grasses
Courtney Love Owes Over $300,000 To American Express For Credit Card Debt
Sienna Miller Was "Terrified" Of Handling Guns When Filming Her New Film "GI Joe"
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01