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GM Announces U.S. Treasury “Satisfied” with Bondholder Support

More than half of bondholders exchanging debt for equity will allow a bankruptcy to proceed in a timely manner.

by on May.31, 2009

General Motors has just announced that the U.S. Department of the Treasury has informed the company that the support of more than 54% of the bondholders allows GM to proceed with the so-called 363 Sale Proposal as part of a bankruptcy filing that is expected tomorrow.

According to the White House, President Obama will speak on the GM matter at approximately 11:55 a.m. EDT.  Fritiz Henderson, CEO of GM,  will address media separately from New York following the President, beginning at approximately 12:15 p.m. EDT.

With its global headquarters in Detroit, GM employs 235,000 people in every major region of the world, and sells and services vehicles in some 140 countries. In 2008, GM sold 8.35 million cars and trucks globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM’s largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany.

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