THE THREAT:
"Bondholders would have until 5 p.m. EDT on Saturday to indicate they would not oppose the sale process as planned, GM said. If bondholders do not provide those indications, common equity and warrants 'would be substantially reduced or eliminated.' "
THE ACTION:
"The proposed sale process would see GM's profitable assets sold to a new company funded by the U.S. government in a fast-track bankruptcy process."
THE OUTCOME:
"The U.S. Treasury would own 72.5 percent of the new GM coming out of a bankruptcy sale process while a trust affiliated with the United Auto Workers union would own 17.5 percent, GM said in a filing with securities regulators."
"The announcement was the clearest indication yet that GM, the No. 1 U.S. automaker, is close to filing for bankruptcy under the direction of the Obama administration. It would be the biggest-ever bankruptcy for a U.S. industrial company."
Above quotes are from a Yahoo News story reported by Kevin Krolicki, David Bailey, Soyoung Kim, Poornima Gupta, Dena Aubin, Walden Siew.
"Bondholders would have until 5 p.m. EDT on Saturday to indicate they would not oppose the sale process as planned, GM said. If bondholders do not provide those indications, common equity and warrants 'would be substantially reduced or eliminated.' "
THE ACTION:
"The proposed sale process would see GM's profitable assets sold to a new company funded by the U.S. government in a fast-track bankruptcy process."
THE OUTCOME:
"The U.S. Treasury would own 72.5 percent of the new GM coming out of a bankruptcy sale process while a trust affiliated with the United Auto Workers union would own 17.5 percent, GM said in a filing with securities regulators."
"The announcement was the clearest indication yet that GM, the No. 1 U.S. automaker, is close to filing for bankruptcy under the direction of the Obama administration. It would be the biggest-ever bankruptcy for a U.S. industrial company."
Above quotes are from a Yahoo News story reported by Kevin Krolicki, David Bailey, Soyoung Kim, Poornima Gupta, Dena Aubin, Walden Siew.