InfoAnda - Obama To Announce GM Bankruptcy Monday...Government To Own 60 Percent Of Automaker

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat --- Advertisment --- Obama To Announce GM Bankruptcy Monday...Government To Own 60 Percent Of Automaker June 1, 2009 8:27 a.m. EST --- Advertisment --- Kris Alingod - AHN Contributor Washington, D.C. (AHN) - President Barack Obama will bring General Motors into bankruptcy protection on Monday, only a month since he made a similar decision for another auto giant, Chrysler. GM has restructured its viability plan ahead of a June 1 deadline, but the White House said "painful but necessary" steps such as bankruptcy that includes the government owning 60 percent of the company, are required to save the largest U.S. automaker from insolvency. Obama delivers a speech about the American automotive industry at 11:55 am from the Grand Foyer of the White House. GM's restructuring plan has been found viable, according to the White House, and $30 billion of additional federal assistance will be made available to the automaker "to clear away the remaining impediments to its successful re-launch." In exchange for the funds, the government will received about $8.8 billion in debt and preferred stock and 60 percent equity of GM. The UAW will have 17.5 percent of the equity in the new GM, while the Canadian government will will receive approximately $1.7 billion in debt and preferred stock, and approximately 12 percent of the equity. Bondholders representing at least 54 percent of the automaker's unsecured bonds have agreed to exchange for 27.1 billion in unsecured debt for a 10 percent stake in the company. "The Steering Committee confirms that the number of individual and institutional bondholders that support this deal is now over 1,000", the White House said. "The bankruptcy court process will be used to confirm this treatment for those bondholders and other unsecured creditors that failed to accept or did not participate in the offer that was accepted by the aforementioned majority." The bankruptcy includes shuttering 11 U.S. plants and idling three others. GM is seeking $16.6 billion in government bailout money in addition to the $13.4 billion it has already received. In February, it submitted along with Chrysler a restructuring plan required by the White House as a pre-requisite to federal assistance, but the White House had ordered it to revise and strengthen the plan. Obama had said that GM, despite its "good faith efforts to restructure, "had submitted a plan that was "not strong enough." He had given the company 60 days to produce a better plan to make itself viable. "After broad consultation with a range of industry experts and financial advisors, I'm absolutely confident that GM can rise again, providing that it undergoes a fundamental restructuring," he added. "As an initial step, GM is announcing today that Rick Wagoner is stepping aside as Chairman and CEO. This is not meant as a condemnation of Mr. Wagoner... it's a recognition that will take new vision and new direction to create the GM of the future." GM's bankruptcy will be the largest ever in U.S. manufacturing. It also puts the government in an unusual role as an equity owner, a fact the White House sought to assure in by saying its release that the Obama administration will be guided by four core principles, "consistent with the goal of clearly limiting the government's role as a reluctant equity owner but careful steward of taxpayer resources." "The government... will seek to dispose of its ownership interests as soon as practicable... After any up-front conditions are in place, the government will protect the taxpayers' investment by managing its ownership stake in a hands-off, commercial manner. The government will not interfere with or exert control over day-to-day company operations," the White House said. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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